What exactly are they rescuing? Apparently the potential failure of some unnamed European bank. This is not new especially if you saw THIS story from Bloomberg a few days prior stating that the Fed had committed some $7.7 trillion dollars cumulatively to the banking system including $1.3 Trillion in a SINGLE day in 2008. And they did this in secret. And they resisted Bloomberg’s efforts under the Freedom of Information Act to obtain this information arguing that it would destabilize the financial system! Rally on, foolish folk.