"The Federal Reserve launched a new campaign to stimulate the economy Thursday that it said would continue until its help was no longer needed or its efforts became counterproductive, opening a fresh chapter in its five-year-old response to the financial crisis.
The Fed said that it would expand its holdings of mortgage-backed securities and potentially take other steps to encourage borrowing and financial risk-taking. But perhaps more significant than those details was the basic change in its approach, for the first time pledging to act until the economy improves rather than creating programs with fixed endpoints."
What if the Fed instead of helping the banks helped the people. There are a ton of people who would love to refinance down to 3.9% but can't because their credit is shot due to this mess. How novel would that be?