Because the issue we're trying to address is not for situations of severe and unusual stress; i.e., zero interest rate policy, deflation risk, and a financial system that's totally frozen. We're trying to address issues in the middle area, where there are liquidity issues in the financial system. We want to be effective in getting liquidity to the parts of the financial system that need it.
On April 30th, 2008. See this statement in context.