Hope Isn't A Strategy, But Is It Tradeable?

First off be warned I have a few line rant to start. The Unlimited Dollar funding machine announced today to ease lending conditions in Europe is another proof of the theorem that nothing has been solved, only set aside. Interbank lending had become very tight, and most will say it is because banks are nervous about what other banks hold as assets so they don't want to lend even in short time frames. This is true but not correct. Bank know EXACTLY what they have themselves, and know it is garbage. They also know other banks have the same stuff. Thus the lack of faith in bank assets, they all know the real score. 3 years after Lehman Bothers failed (Happy Anniversary!) the swapping of garbage collateral for real cash continues unabated. It must be transitory.