&gt; <i>In a 2009 bear&#x27;s defense it was unprecedented Government intervention</i><p>The novel part was the purchase of government-sponsored enterprise (GSE) mortgage-backed securities (MBS), and GSE debt securities. The Fed&#x27;s balance-sheet expansion, interest-rate regime and their effects on the market have precedent [1].<p>[1] <a href="http:&#x2F;&#x2F;www.hoover.org&#x2F;sites&#x2F;default&#x2F;files&#x2F;14110_-_bordo_-_exiting_from_low_interest_rates_to_normality_-_an_historical_perspective.pdf" rel="nofollow">http:&#x2F;&#x2F;www.hoover.org&#x2F;sites&#x2F;default&#x2F;files&#x2F;14110_-_bordo_-_ex...</a>