Things happen very rapidly in a crisis. A week or two ago, the Federal Reserve was still hesitant about providing back-up finance for investment banks on the same terms as the banks it regulates.
Now, the Fed has not only extended back-up financing to Wall Street primary dealers following the Bear Stearns collapse, but has its sights set on taking over their regulation from the Securities and Exchange Commission.
It makes sense for the regulatory division that mirrored the Glass-Steagall Act separation of banks and brokers to break down now that banks and investment banks compete directly with each other.
A financial incentive is a powerful thing.
Bob Nardelli, Jim Press and Tom LaSorda, the improbable triumvirate now heading Chrysler, came into the Financial Times office in New York this week to talk to a group of us about their turnaround efforts.
On the face of it, the idea that these three men will carry on working smoothly together until Chrysler is restored to profit and perhaps floated or merged with another company is improbable.