No not ridiculous, the fed is buying stocks via special purpose vehicles (their name) to buy equities indirectly, something are not allowed to do by law. As you say the 2nd wave, but it is allowing those in the know an opportunity to bail out if they didn't during the 1st wave, it also spreads the systematic selling over a longer period to ensure we don't get a crash, and by the time the unwary wake up it's too late they won't be able to sell at any price and holding worthless junk stocks. It's called transfer of wealth.
