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.  Jonathan Macey helpfully discusses the implications on NPR's Planet Money.
• But no first bailout yet.  Who will be the first institition to benefit?  We can short those stocks now, you know.....

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