Investors had half the weekend to ponder the resuscitation of the toxic twins – Fannie Mae and Freddie Mac. It is fair to say, however, that nobody really knows what the implications for financial markets or the global economy will be. In baffling times, the wisdom of crowds – where the average response of many people can be remarkably accurate – may prove a useful guide. So what did Monday’s markets tell us?

The conclusion seems to be that the bail-out is not a quick-fix for the credit crunch. If it were, bank stocks across the planet should have at least tripled. That share prices from Credit Suisse in Switzerland to Mizuho in Japan rose between 7 and 12 per cent was, in fact, a muted response – prices are only back to where they were in mid-August. Ditto for currencies: the euro’s rally against the dollar was short-lived while gains were surprisingly modest in the “carry-trade” currencies. If risk appetites had genuinely returned, the Aussie dollar would have bounded like a kangaroo.