I got bored pretty quickly with that essay, a poorly written combination of "people I agree with are smart, people I disagree with are stupid" and "elites know what they're doing so shut up Shut Up SHUT UP SHUT UP SHUT UP SHUT UP."
There's little reason to believe the high priests at the Fed had any clue what they were doing as the housing bubble was happening. More than that, there's plenty of reason to believe that they are much more concerned with inflation than unemployment, and millions will continue to suffer because of it.
Economics provides a framework for thinking about certain problems, but there's rarely any one "right" answer. Too often the existence of tradeoffs are unacknowledged or completely ignored. If the priests knew what they were doing we wouldn't have 9.7% unemployment. They, uh, failed.
