If you've now read Janet Yellin's "don't blame us" lecture of a few days ago, you'll know she wants to see much, much more regulation to backstop the interest rate and easing policies of the FED. This an extension of the whole "dirigiste" history and mission of 100 years of modern central banking. The Yellin/Keynes mission is an economy controlled in "vital" areas by government with small capitalists working at the fringes. Former communist states of Asia work this way now, and France has done so marginally for a long time, but much less so recently. Left wing bureaucrats love this type of economy wherein they are controlling instead of serving.
Read at least chapter one of the Bank for International Settlement's Annual Report published last week for a powerful critique of the entire Yellin/Keynes viewpoint and suggestions for what needs to be done at present.