The BTFP and other schemes from the Fed will provide any necessary liquidity to cover flight at par. Remember that flight just means one bank is down and anoth

The BTFP and other schemes from the Fed will provide any necessary liquidity to cover flight at par. Remember that flight just means one bank is down and another is up at the Fed. All it needs is for the target bank(s), or the Fed to lend back and the circuit is closed. Everybody wins - particularly the bank buying assets at a huge haircut.