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I'm fascinated by the Fed's position that it will not help the cities, counties and states.

The raison d'etre for the Fed was to prevent massive economic dislocations of the type that will occur if the cities and states receive no succor. So either it steps forward and does its job, or we need to sweep it away, either in favor of a successor entity that WILL be willing and able to do the job, or with no replacement in recognition that nature inevitably takes its course and cyclical economics is an inexorable force endemic to the human condition.