Ok, "Punter of Last Resort". Sounds like the idea is "let's increase the authority of the Fed" again. It's funny how many economists argue to further insulate our elected leaders from any responsibility with regards to aggregate economic outcomes. Whether elected officials should bear the burden of changes in aggregate variables is really irrelevant, since they ultimately will.
But still, this is peripheral to a real solution to the crisis. If you believe that investors will view a change in the mandate of the Fed as the reform, to end all short term reforms, then this is appropriate. However I wouldn't bet on it.
Perhaps Carroll read Hirshleifer? Though I'm not betting on that one either.