After yesterday's $2 billion POMO, excess liquidity is sorely needed. After all the S&P 500 has gone a whole 24 hours without the Fed injecting some heroin-laced Redbull into the market. So the ever generous Chairman Ben takes out his checkbook and writes another $1.8 billion taxpayer funded check. Of the total amount repurchased, 60% is coming off 2009 auctions. With this action, there is now $14.9 billion left in Treasury repurchase dry powder.