PPT in action.
Though they aren't backstopping the market: they are the market!
I used to think that The Fed had the market on life support. Now we an see the actual market has died, and been replaced by something completely artificial. The GFC must have made them believe that markets could no longer be allowed to function of their own volition. Just too risky to bank profits and viability. The whole thing was exchanged for a tightly Fed controlled sham.
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