Well, they are presumably generating some 10s of basis points of profit (lack of loss) for the banking party, so it's more like putting a $B out there for the t

Well, they are presumably generating some 10s of basis points of profit (lack of loss) for the banking party, so it's more like putting a $B out there for the taking, but providing a lot more "liquidity". That's the really disturbing thing... the bond market hasn't been liquid this week! Lots of no-bid.