Short answer is we nationalized commercial banking, over a weekend and without a vote. I agree it was the best thing to do. But there will be consequences, politically and financially.
The surprising part is, if we were willing to do this, why not just revise the Fed's discount window rules? They discount from market value. Why not change that to face value for Treasuries?
The surprising part is, if we were willing to do this, why not just revise the Fed's discount window rules? They discount from market value. Why not change that to face value for Treasuries?