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I need to see the entire proposal before judging. I see this as a reaction to an event long in unfolding that almost took the entire financial system over the cliff. I expected something to be proposed, and I think it is naive to expect that the Fed wouldn't react. It seems to me a large segment of the lending and investment industries managed to decouple the mechanisms that protected the investing community from rogue greedsters and created a loss of confidence in the entire system. This is a plan to regain investor confidence and interbank confidence. No confidence=No trust in getting repaid=No loans=No system. Back to cash on the barrelhead. No cash=no house.
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