Andrew Jackson always thought the National Bank was a worthless POS, and got rid of it. But of course, GWB ain't smart like Old Hickory.
nothing has really changed other then the FED will now take the banks junk and hold it for 28 days as colateral in excange for cash at a low rate. Their hope is that with cash on the balance sheet maybe the banks will losen their credit restrictions and lend some money to open up the economy. When those 28 days end we'll see. Thats not going to change the fact that the junk that the banks really own is still junk.