This snippet from the 2/27 Liquidty Trader
"But oddly, dealer cash accounts rose by more, and Treasury cash fell by more, than what we can account for with these paydowns, and the other things we know about, like MBS settlements. It appears that there was a direct shift of funds from the Treasury to the dealers that was outside these channels."
vs my musings and your response 2/19
There is no way they will allow this thing to deflate. If the PD's or bigger players are in trouble then I think we are at the point where the Fed and all the institutions will cheat. Go off balance