A commenter on Marginal Revolution quoted the ECB’s actual release, which included:
“The objective of this programme is to address the malfunctioning of securities markets.”
Pause… Does that ring a bell with anyone? TARP? “Firesale prices?” Bernanke: September 23, 2008:
“banks will have a basis for valuing those assets and will not have to use fire-sale prices. Their capital will not be unreasonably marked down.”
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