No, banks are not stuffed with reserves because they learned a lesson from 2008 and are being cautions like "before 1970". It’s because the Fed has been furious

No, banks are not stuffed with reserves because they learned a lesson from 2008 and are being cautions like "before 1970". It’s because the Fed has been furiously swapping assets with the banks, buying their MBS’s for example. This is a balance sheet exercise which the Fed hopes prevents recession. It hasn't worked very well and that's why the MMT’s feel vindicated now that everyone's talking about how ineffective central banks have been since the recession.