Which prescient commentator wrote this, all the way back in January?
The Fed is still behind the curve. There is a real solvency fear out there right now — a fear to lend at all, even at apparently advantageous rates. The Fed must act decisively to calm these fears by reassuring lenders.
This might even take the form of legislation allowing the Fed to buy stock in large banks on a temporary basis. The banks are already largely socialized through federal deposit insurance. To add the prop of government capital infusions is not such a big step.