If the fed exists at all, it should intervene ONLY in a 2008 type event. But the irony is 2008 event wouldn't have happened if the Fed didn't blow that credit bubble in the first place. Sorta like a pyro who's dayjob is fireman. Justifying one's job by putting out your own fires.
I don't dislike the fed because of bankers, or top 1%. I dislike the fed because a small group of people in power cannot contain capitalistic forces. It's like trying to control evolution, something bigger than human kind. The central authorities will be broken by technology, as I discussed before in post "Technology, the Ultimate destructor of inefficiencies"