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The Bank Crisis Is "Overblown" | Joseph Wang
Forward Guidance
The New Fed Facility Is Different From the Discount Facility
A central bank in its basic function acts as lender of last resort. Instead of actually lending to banks that are solvent, the new facility is completely different. They don't actually care whether or not you're solvent or not. And they're willing to be severely under-collateralized. So this facility is basically a huge bailout facility to the commercial banks.
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