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The Fed backstopping program is probably the most elegant solution since Federal deposit insurance. Using their money-printing power to make sure banks holding deposits from small/medium size businesses with payrolls over $250K are “insured” is a proper intervention to short-circuit a panic cycle.
The Federal Reserve bank rapidly increasing the interest rate is what ignited the fuse on this banking crisis . They should buy back the treasury bonds their actions devalued at face value .and not force bond holders to sell at a loss imposed by them increasing interest rates too fast for the market to make timely adjustments..