The actions taken by the Federal Reserve to fight the crisis were quite traditional in the sense that, for years, central banks have been providing liquidity by lending to financial intermediaries. But they were unconventional in that the concepts had to be adapted to fit markets and lenders that had never been supported by the Federal Reserve before.
If we have the right mindset, logic and environment, without a heavy dose of control, QIBs and OTC transaction will foster the development of corporate debt, because market will exercise fairly strong constraint. Supervisory workload will be lighter as well.