The Fed does have considerable discretion in the event of a disaster to oil the gears of the financial system so to speak.

I have a friend that’s in some Senior VP type position at BofA and his stories of what they did to get the banking system through the crisis were outstanding. Renting trucks, giving credit, clearing payments, etc. Lots to do in a short amount of time and none of it could have been done without the Fed accommodations.

My Take: There’s some pretty competent people in this branch of the government.