And... suggestions on what they should have done?
They should have done nothing.
Protect the people. Let the banks that have over leveraged themselves fail. Don’t lie to us. Two days ago there was a bunch of banker bragging about the systems liquidity. What happened to that?
Who is so highly leveraged they can’t handle a 2 quarter hit? If they can’t...they should fail.
Most large companies weather these storms every 5 to 7 years. The market has become overbought because the Fed kept rates at historical lows.
In my opinion, this is a waste of money.