And what of this BTFP facility? The fed is willing to lend out full par value against high quality assets. Because AAA high quality assets never default and alw

And what of this BTFP facility? The fed is willing to lend out full par value against high quality assets. Because AAA high quality assets never default and always return full par value, right? How is this not kicking the can down the road? This is like a new almost-QE product. For now, it’s just a collateralized loan. But if there is some system shock and a lot of these high quality bonds start defaulting, you bet your ass the fed will buy up these distressed assets and then we’ll have QE again. I do hope we don’t have such a shock. But they’re like a once in a lifetime event, and we already got one in 2008, so we’re probably fine.