Welcome to The Market’s Not Melting Down Party.

What a relief. Not that anyone can guess whether this is going to last, but at least it’s a 500-point-upside on the Dow morning. I’ll take that.

It comes after many investors decided they could not take it and moved to cash.

Cash still is the main thing that seems to be moving the markets.

The big upswing seems to be in reaction not to the bailout getting going, although the breadth and depth of detail on its operations revealed this morning was impressive.

It seems to be more to be a reaction to the Fed, in conjunction with central banks in Europe and England, announcing that banks will be able to borrow essentially any amount they wish.

No limits. Just come on in and you can always get your backstop at the Fed.

That, combined with Britain, German and France each announcing rescue packages and bank bailouts, convinced lenders to start lending to each other again. Libor, an international rate for lending, plummeted.

And did anybody notice that oil is around $81 a barrel?

That won’t bring the housing market back, but it could have a big impact on consumer spending.