Lon, are you aware that "recessions" are natural, healthy, corrections when they take place in FREE markets with SOUND money? Of COURSE the Fed, with the ability to create phony money out of thin air, can smooth out such natural, healthy corrections. The problem is, when they do so, the CORRECTION doesn't happen and the problematic misdirection of capital goes UNCORRECTED. Making a bigger problem.
The Fed was sold as maintaining the value of money and maintaining employment. From the start of the country to the Fed, the dollar GAINED buying power, which is the natural state of FREE markets. Since the Fed was created, the dollar has lost 98% of its value. The exact OPPOSITE of what the Fed was created to do.