Overall, diverse empirical approaches to quantifying the impact of our package of measures support the same conclusion: the actions we took have had a strong and lasting effect on market conditions, and more importantly, achieved a potent pattern of propagation to the broad economy.
Whatever happens, the government is likely to stand ready to help. And this has consequences for the nature of the game. First, according to a recent study by the Federal Reserve Bank of New York, “too-big-to-fail” banks have a funding advantage  BIS central bankers’ speeches  1  over smaller banks.