I literally can't dream up a worse policy choice than to highly incentivize the almost immediate withdrawal of every non-insured deposit in the country from the

I literally can't dream up a worse policy choice than to highly incentivize the almost immediate withdrawal of every non-insured deposit in the country from the banking system just so the money can be parked in t-bills. Every bank intervention has some degree of being unpalatable for various reasons, but you know why we do it? Because it's better than the alternative. Sorry. Remember when that money market fund broke the buck in 08? You can't have these sorts of products not getting par, all hell will break loose. Right now, the thing that worries me the most is idiot politicians (redundant) inserting themselves and focusing on tangential things like who got paid a bonus or whatever. These people will - R and D - manage to screw it up.