Jeff Lacker, Suddenly Uncomfortable With These Fed Lending Facility Things

``Richmond Fed President Jeffrey Lacker, in a speech — and later, an interview with the Wall Street Journal’s Greg Ip — says the acronym soup the Fed has created (TSLF, TAF, et al) to combat the credit crisis is distorting asset values and encouraging risky behavior. In essence, he has thrown the “moral hazard” flag on the various creative efforts undertaken by Mr. Bernanke & Co. to help markets that are frozen.''