Continuing its game of pin the solution on the problem, the Federal Reserve on Tuesday rolled out a new program aimed at boosting the availability of credit to consumers and small business. The Fed will lend up to $200 billion to spur consumer lending — for autos, education, credit cards and other consumer debt. The money will be used to provide financing to investors to buy up the debt. The “bold program” is dubbed the Term Asset-Backed Securities Loan Facility,

Anil Kashyap, a professor at the University of Chicago’s Booth School of Business, said the program should make it easier for consumers to get loans. But he cautioned that the Fed’s willingness to finance some debt could distort the markets by making other debt securities that lack the government’s backing less attractive to investors.

“We’d really rather the credit markets just work properly,” Kashyap said.

Haven’t we been down the road of promoting malinvestment before? Just askin’.