History is easy to ignore, especially if you're part of the power elite. The article you will find here is a bit of a long read, but it's worth the time.
The bottom line: the Fed is not the solution; the Fed is a big part of the problem. Recessions don't just happen. Recessions are not naturally occurring phenomenon like hurricanes. We could be free of anything remotely resembling a "business cycle" if we could be free of the Fed and inept economic policies of our own Congress.
Recessions are caused, and some of us know what causes them. EconoBlast has explained it so many times, here for example, that readers must be growing weary of repitition. If you want an expert Austrian economics exposition on the topic, read this article.
Let me put it about as simply as it can be put. According to the Fed itself, and the enabling legislation from Congress that established the Federal Reserve System, the Fed is responsible for stabilizing the economy. Is it not utterly obvious that the Fed is incapable of achieving its purpose?
Hey, I've got an idea! Let's give the Fed even more power to disrupt financial markets. Oh, excuse me; the Congress just did that.
The Tea Party and conservative Republicans are all about repealing ObamaCare just now. Good idea. But at least as important would be repealing the Dodd-Frank financial regulation reform bill.
If you have a cancer in your body, you probably want to get it out, instead of feeding it.