GolfGal,
I interpreted your posts about the financial system to mean that the Fed’s actions kept us out of an immediate / short term cascading liquidity crisis that might have been brought on by letting BSC sink on it’s own accord. I could very well see that being the case. In the long wrong however, I don’t think it will prevent other IBs from failing due to solvency issues. But I doubt you would disagree with that either.
