Is there a positive spin to this?

Fed announces commercial paper funding facility.  Here is my post from yesterday.  My best shot at a positive spin, just offered to Alex in my office, is this:

They wouldn’t do it unless they had to.  And if they had to do it, that they are doing it is very good news indeed.

I am not sure that Alex was persuaded.  There are some good comments at the first link.


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