They tightened monetary policy, instead of loosening. Bernanke didn't make that mistake in 2008.
His (da Fed's) actions haven't exactly been a model for success either:
And have you seen the overlays of today's market with the market prior to the Crash of '29? It's eerily similar. Around the 12th of January will be an interesting topic of discussion on many of the financial news shows in coming days.
I think you're missing the point. The purpose of the Fed slavocracy is to avert wild swings in the economy. The Great Depression was the wildest swing ever. So if the Fed failed and continues to fail, then why do we continue to be their slaves to the tune of 3% target per year? We were better off before.