Other than having blown bubbles that popped and plunged the world into two economic depressions and several smaller recessions, another reason to loathe the Fed is that it's empowered to enforce the Community Reinvestment Act, a notorious piece of legislation that also contributed to the 2008 financial meltdown. Few people realize that, because the Fed enforces the CRA, the boards of directors of the regional Fed banks include seats for minority community "liaisons" (who apparently aren't even required to have experience in finance).
Working one of the McJobs I've held during this depression, I had the pleasure of meeting one of these community liaisons, an accomplished attorney my hometown of Charleston, SC by the name of Wilbur Johnson. In addition to being all-around nice guy, Mr. Johnson has a reputation of being good to the local black community, which is all well and good. But that in no way makes him qualified to be Director of The Federal Reserve Bank of Richmond. Or does it?