New York State steps up

How about this... The market in general and fixed income investors in particular have come undone with the MBIA and Ambac issues. Who steps up to the plate but the New York State insurance regulator, someone we have never heard of, creating a back up plan with supporting New York banks to deal with the bond insurance industry. Details to follow, but this is so welcome from out of nowhere given the federal government's tepid approach to everything and the politicians delight in using problems as fodder for their campaign rhetoric.