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The Federal Reserve Bank system was supposed to prevent busts. We've had some pretty big ones recently - 2000, 2008, 2022.

Let's face it. The FRB cannot stop busts. The real reason for the FRB is so the federal government can inflate the currency.

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Yes, there are limitations to the tools available to the Federal Reserve and what can be done with monetary policy. At the end of the day you are trying to control individual's behaviors with gravitational pulls of satellite objects, and that doesn't really work. The analogy continues as even astrology enthusiasts might do things because of the believed influence of a celestial body's location, but can really still do anything they want.

Milton Friedman showed in "Monetary History of the United States" that the free banking era had more stability in its blind reaction to market forces than the Fed ever did with their deliberate "steady hand" on the throttle.

They aren’t expected to always prevent busts. Boom and busts are expected.

Um, that was the sales pitch to establish the FRB.

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