Separating the noise from the news

What's noise:

Treasury Secretary Paulson tells the WSJ the mess in the markets will "extract a penalty" on economic growth, but, hey, no worries… The turmoil is taking place "against a backdrop of a very healthy global economy with strong fundamentals."  St. Louis Fed President William Poole concurs, saying only a "calamity" would justify cutting interest rates.

What's news:

The New York Fed plans still more liquidity injections "on most days" over the next two weeks.  They're telling us this now so that we don't, you know, get the wrong idea and think they're reacting to a calamity or something.  $14 billion more came this morning, bringing us to a total since last Thursday of $85 billion.