From August 2008 until Feb 2009 the SPY went from approximately 1241 to 723, with the ultimate low at 666 in early March.
So exactly how did EO 12631 work during that period of relentless selling then? Which was also a time when there were no bears groaning about market manipulation to the downside.
There was a reason(s) why the market crashed and the fed was unable to support the market through the PD's, but that is beyond my ability at this point to articulate in a clear manner. Doc might explain, if he so desires.