Those were different program that frankly had nothing to do with each other policy wise.

In one instance, the fed took over assets to backstop troubled banks, in the other, it sought to increase the monetary base.

It’s not a “dumb trick” it’s basic monetary policy.

It stops being a dumb trick the moment the Fed manages to wind down the balance sheet (i.e. never). Until then, the Fed is just the bagholder of last resort, and talk of a money printer is more accurate than talk about backstops and the monetary base.

They’ve literally been winding down the balance sheet for the last ten months.