The Fed has never given loans to anyone other than a depository institution that is a bank until last month, except they did so in the Depression.

上个月，联邦政府已经开始限制贷款业务,除了银行以外的其他金融机构,休想再放出一分钱的贷款，也就是在萧条时政府才会这么做。

耶鲁公开课 - 金融市场课程节选