First, the track record of such intervention is shaky once you move beyond addressing market malfunction and/or preventing major institutional shocks—neither of which seems to be the case today.
What changed
First, the track record of such intervention is shaky once you move beyond addressing market malfunction and/or preventing major institutional shocks—neither of which seems to be the case today.
Second, it's usually not healthy when markets consistently dictate extraordinary official interventions rather than the other way around—which is a risk here — via @elerianm