The Financial Crisis - What Happened in March 20 20?

Jeffrey Toobin: After the crisis had happened, they did all of that, except for bill y. They made sure not to touch them. It was the exact opposite of october 20 19, right? So in 20 19 they said, we're only going to buy bills because we wanted to make it not look like cee. But then in the last week of march 20 20, as you said, there's this massive cuee that's announced which means they have to buy anything and everything. And so to raise the level of bank reserves, you need assets to purchase. And the one asset they did not purchase were treasury bills. That's about as much of an explicit

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