Not to be conspiratorial, but the situation is much worse than the fed is letting on. "Trying to forestall" might be optimistic. https://www.bloomberg.com/news

Not to be conspiratorial, but the situation is much worse than the fed is letting on. "Trying to forestall" might be optimistic. https://www.bloomberg.com/news/articles/2023-03-12/us-moves-to-help-depositors-offer-bank-backstop-in-wake-of-svb#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-03-12/us-moves-... https://archive.is/FMuYW https://archive.is/FMuYW (archive) Think of what this means, and how precarious a position the nation's banks must be in for the fed to take actions like this. We needed to reimplement Glass-Steagall yesterday.