What?
First of all the Federal Open Market Committee controls the monetary policy and acts independently “within the government”.
Second of all the only Branch the Federal Reserve is answerable to is the Legislative not Executive.
Executive power only consist of appointing Board members (Which are staggered with terms surpassing 14 years and the Senate still has to consent the appointment) and the Secretary of the Treasury following what the Board decrees. In short some "independent" board controls monatary policy, not elected offcials, appointed ones (From as long as 14 years ago).
Who appointed Paulson? While I agree with most of what you say, I believe the voters will blame the GOP...unfair though it may be...the party in the White house when the recession begins is always blamed. We lost in 2008 because of this, I think. What we can hope for is that Pres. Bush is blamed...he’s gone. Thus if the GOP is effective in this situation, we can turn it around, but it’s going to be tough with every media outlet in the world blaming the GOP.