"A Broadside Against Bernanke’s Handling of the Great Recession"

This was linked on cheap chalupa blog

"When the central bank utilizes 'lender of last resort' powers to allocate credit to targeted firms and markets, it encourages excessive risk-taking and contributes to financial instability. It also embroils the central bank in distributional politics and jeopardizes the independence that is critical to the central bank's ability to ensure price stability. The lesson to be learned from the expansive use of the Fed's emergency-lending powers in recent decades is that it threatens both financial stability and the Fed's primary mission of ensuring monetary stability."