The idea is similar to the previous financial crisis, except this time, it’s abstracted a layer higher. The previous crisis was a severe drying of credit that had (what they literally called it) a “contagion” and systemic effect. This time, there’s an actual contagious virus that is threatening the banking system if people can’t pay their bills, and the banks can’t pay who they owe because too many borrowers default. In other words, the Fed stepped in proactively because they saw the writing on the wall and wanted to avoid any drying of credit.

The idea was never to keep the economy afloat- it was to build a bridge to prevent being exposed to the rough waters.