... and only immediate Fed intervention prevented a full-blown financial crisis, it's because it was.

As we have already discussed, we now know that said crisis was precipitated by JPMorgan quietly and steadily withdrawing liquidity from money markets...

... while at the same time Jamie Dimon's bank reduced the cash it has on deposit at the Federal Reserve, from which it might have lent to other banks and prevent the repo crisis, by $158 billion in the year through June, a 57% decline, as JPM faced the highest G-SIB surcharges of all US banks due to the specific composition of its balance sheet.