Okay apparently it is exactly what it looked like, after hitting google the situation was confirmed (a yeast infection -- vent gleet).
No clue how she got it or why but at least now I know it is not some fatal disease and can be treated.
Guess tomorrow I will be buying some probiotics and...
Okay I noticed my approximately 10 week old Ameraucauna pullet was not her usual paranoid self, wings down, unhappy look etc....
I picked her up and she was unusually passive, I looked at her all over and wholy sheesh she is VERY swollen around the vent and white stuff (presumably puss) is...