The world’s financial markets now behave like not very bright but exceptionally well-trained seals, barking and clapping their flippers whenever they hear the words "central bank."

On Wednesday these circus performers talked themselves into belief in a rescue of Spain’s banks, and a new round of "quantitative easing" by the Fed, and faith that these efforts would work. Dow up 280, 10-year T-note up from all-time bottom one week ago at 1.41 percent to 1.7 percent, mortgage borrowers startled by the run-up.

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