[Mick]

Yes, the Fed is the "buyer of last resort." I get that.  

I think the Fed should be the lender/buyer of first resort.  The rapidly-approaching/already-in-progress economic implosion will require it.  They're already buying corporate bonds.  Why shouldn't they lend for mortgages or car loans or (god help us) payday loans?  Why should there be an ultra-profitable finance industry that makes money off the backs of hardworking Americans?

[Mick]

Yes, the Fed is the "buyer of last resort." I get that.  

I think the Fed should be the lender/buyer of first resort.  The rapidly-approaching/already-in-progress economic implosion will require it.  They're already buying corporate bonds.  Why shouldn't they lend for mortgages or car loans or (god help us) payday loans?  Why should there be an ultra-profitable finance industry that makes money off the backs of hardworking Americans?