Academic

Expect to read the caption to this post hundreds of times in the next few days.  Anyway:

• The Fed did a quickie approval of Mitsubishi's investment in Morgan Stanley.  CFIUS, which is chaired by Treasury could in theory block the deal later.  But don't bet on it
• The Fed did that interest-paying thing on depositary reserves - another subsidy to domestic banks (but not foreign ones - I wouldn't expect the WTO to get involved, though).
• The SEC did nothing.
• Lots of action from Treasury.  It picked a head of the bailout relief team, which, in classic GOP fashion, is a 35 year old.
• Treasury also started the somewhat tedious (to you maybe, not to me) wheels of government.  It issued quick procurement rules, conflict of interest rules, and it is hiring.
• But no first bailout yet.  Who will be the first institition to benefit?  We can short those stocks now, you know.....