Now with its daily repo on auto-pilot (publicly) the FED can only do what it's systematically programmed to do - keep bailing out defaulting derivative debt with more debt based derivative FIAT. As the weeks and months progress, you will be entertained with cries of "all is well" and "back to normal" but what is going on behind the curtain of happy smoke blowing up the skirts of the little people will be harder and harder to contain.
I suspect it's Deutsche Bank that can't cover its losses, and it's counterparties know it. It's Lehman / AIG in the form of Deutsche / Lincoln National for starters, but all the primary dealers are feeling their sphincters tighten as the great sucking sound coming from their assholes presages the collapsing super nova of liquidity anti-matter. In other words, multiple "dark holes" with "big JP" conspicuously involved, deep state cufflinks and all.
Maybe Mnuchin will go full Paulson on CNN. Williams as Geithner is unlikely, and Powell is no Bernanke. Somehow I can't see Trump in the role of Dubbya, looking like a deer in the headlights and talking about "Too Big To Fail". It's got to be spun another way. In the Luongo article above you are given a few clues.
We waded into uncharted waters in 2008 and we've been drifting further out without a life preserver ever since. Even the families are divided.
I know what I'd like to see, but no light is shed upon the flower of understanding. Only darkness. Someone will say "I told you so" but that won't matter. It will be interesting. Let the liquid invasion ensue.