Is the Fed the new Rumplestiltskin?

In some of the more scary news from this weekend, the Fed has updated its alphabet soup lending facilities to accept assets including equities now. Pretty soon if you draw a pretty picture on a piece of paper, the fed will give you a loan. Wonder why they had to do this? The banks only have bad debt on their balance sheets at this point. They offloaded everything of value. The zombies are starting to buckle under the deflationary pressure. The Fed is now clearly over stepping the authority it has been given. It's time for the government to step in and stop allowing the Fed to risk taxpayer dollars without any vote. Just rediculous.