Yield on Spanish debt fell today at the weekly (?) auction. In fact, the results of that auction are driving the DOW up. I would think that a lower yield means buyers perceive less risk, right? But also today, Spain’s central banker stated that the country is “back in recession” The prospects look dire yet the traders pile in. So they’re counting on another bailout coming, I suppose. They may be right, but I wonder whether anything is “too big to fail” these days, and if so, how long taxpayers around Europe and in the US will agree.