“The financial system, frozen solid for the past nine months, is in a spring thaw. And it’s happening even though many of the Obama administration’s major rescue programs have yet to get off the ground. The improvement reflects the combined impact of a wide range of actions, many of them taken with little public attention, according to government officials and private economists. But more important than any single program, the sources say, is a deepening confidence from financial markets that the government is prepared to take aggressive action — a confidence that Obama officials have repeatedly worked to cultivate in speeches and public appearances.” (Washington Post ^[1], Thursday)

Confidence, or the oodles of fiat money the Fed is pumping in?

FEE Timely Classic
“The Hidden Fallacies Behind Intervention” ^[2] by Clarence B. Carson