Christian Johnson just posted a new paper on the Fed: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1584731. I highly recommend this paper to all that have interest in the financial crisis. I do not agree with the paper on every point and/or implication. But, I must say it is the finest exposition of exactly what the Fed what was up to during the crisis I have seen.
I am beginning to think the Fed pursued a contractionary monetary policy based upon this paper, not an expansionary policy. And, they just might have pulled it off.