Since the crisis began last summer, supposed “good news” is being dismissed ever more rapidly. The glow following the initial announcement of the troubled asset relief programme did not last the weekend. Markets actually fell after Barack Obama’s presidential election victory. So what to make of Monday’s rally in global equities following Citigroup’s bail-out and the introduction of Mr Obama’s economic team – and plans – to fix America?

That markets rallied on Friday on rumours of Timothy Geithner’s selection as the new Treasury secretary suggests that confidence in the current administration is shot. Certainly, Hank Paulson’s U-turn on how the Tarp money should be deployed was poorly presented. But most experts agreed with the change and Mr Paulson has been as active and thoughtful as anyone could have expected under the circumstances. It is hard to think what Mr Geithner would have done differently.