Timothy Geithner revealed his plan to get toxic assets off the books of the major banks. The securities markets responded appreciatively, very appreciatively. The three major domestic indexes were all up more than 6% and the S&P leapt ahead of the other two by jumping more than 7%. This is good for Geithner and for the president.

But, now that we're near end of the first quarter, we will have to deal with the financial reports of public corporations. Their news is not likely to be good at all. We will see whether investors remain calm and moderately hopeful or whether they will head south once again.