It appears that the Fed decision to bail out Europe was not made this morning, or yesterday, but on Monday as per the following two headlines:
- LACKER DISSENTED AGAINST FOMC SWAP DECISION ON NOV. 28
- LACKER VOTED INSTEAD OF PLOSSER, WHO WAS UNAVAILABLE
It also means that the decision was leaked on Monday, and explains the relentless surge in stocks since then despite progressively worse news out of Europe. Q.E.D. - a plan so good Hank Paulson could have leaked it to his hedge fund buddies.