Everyone acted shocked, but no one really cared. Not even Powell, who has developed a falling-knife fetish but didn't lift a finger to catch that one.

Jay gets it. Oil is real. Unlike stocks and bonds, he'd have to store the stuff. So until producers cap the wells, or light up their neighbors fields like Saddam, the price will keep falling until we start driving.

And besides, the Fed and Treasury believe it's not commodity prices that need support, it's drillers, frackers, and investors who lent them so much. The refiners need help. The guys who bought their bonds. Airlines that bought back their stock. Car companies too. Boeing. And on, and on. So they bailed out all the really big companies.

In the end, risks their investors took were not risks at all, only rewards.