Uh, run that by me one more time...

OK, now I'm really confused...

Courtesy of Laura Rosen at War and Peace, this little tidbit from Bloomberg.com:

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide...

"Today's blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York.

So, what gives?

Does this mean that the "experts" we've been hearing from were revealing only half the total required to prevent "Hooverville, Part Deux"? Does this mean that Bush-appointee Hank Paulson was somehow unaware that the Fed could inject this cash into the market, regardless of Congressional action?

Does this mean that the $700 billion in taxpayer money specified by the "bailout" wasn't really necessary after all?

Whew - glad THAT's behind us!