The one thing that really stands out to me in the separation of the Fed from other branches of government is that they are self funding. They don’t have a budget that congress approves and therefore answer to basically no one.
The reserve requirements start to mess with the profitability of banks and although they are under the control of the Fed they are rarely used.
Yes, Greenspan got too much credit in the boom, even though he was saying it was “irrational exuberant,” and he is getting too much blame now. I do think when we look back on this period, after the economy and stock market resume upward movement, he will be viewed as a great success. To have achieved this soft a landing after one of the biggest bubbles in history, should be viewed with acclaim, not disdain.