At taxpayer expense. Google IMPP. Extreme moral hazard offloading the ABCP mess onto taxpayers by freeing up collateral(80 billion of toxic mortgages) on banks balance sheets so they could lend. I'm sure if the Liberals had been in power they would have done the same thikng, but they weren't. Feedback loops are a biatch.

http://www.zerohedge.com/news/2013-05-01/desperately-seeking-112-trillion-collateral-or-how-modern-money-really-works

Pay particular attention to the following and the chart that follows this caption in the story. Think what will happen when, not if, the real estate market comes crashing down.

"So now that we understand the fine nuances of the impending collateral scarcity? Well, from a policy standpoint it means that as long as asset prices are rising, there is no fear of a collateral crunch. It is, after all, "procyclical"