Not sure where I read this, but aren't the banks pretty much doing that right now? Picking up the credit and buying T-bills with it? Good for banks, the Fed gets to say it's stimulating the economy, somebody is buying the debt, and so on?
Not sure if they are. I remember when the Fed lowered their rates to their current level, someone theorized that it would be profitable, but I have no idea if they are actually doing this.
