If only some cranky blogger with a silly baby blue blog template from 2002 had suggested this.
No I'm not the first or only one, but I think it was an underappreciated proposal even from the good people who get more respect than I do. They "printed" a lot of money, they just gave it to the banks instead of us. The "monetary policy" mechanism shouldn't be banks 5 seconds after the banks basically destroyed the economy. The banking function is supposed to be efficient capital allocation. That's the justification. They aren't actually any good at that. They're good at slapping down money on the craps table, then blackmailing the House into making them whole when they lose it all.
