Read your history: Booms and busts happened about every 3 years in the US before the Fed was created, because before the Fed each bank was an individual entity. Look up the Panic of 1876 - that happened before the Fed, and the world took over a decade to get out of that one. Simply saying "end the fed" means nothing without your proposal for what to replace the system with.
And don't give me "Free markets will figure it out!" -- because quite frankly even the current situation is an example of free markets NOT figuring it out. Yep -- over 80% of the bad loans from 04 onward (original definition of Alt-A and lower) were originated by UNregulated PRIVATE companies. And yet.. thanks to the bailouts you have backstopped them.
If anything, instead of talking about "groups that run us" -- you should be focusing on "corrupted by money from corporations" or "Not." The big fight is not liberal/conservative but rather oligarchy vs republic.
I think you're mistaking where the loans originated with the repackaging (or in some cases multiple repackagings) of the loans as derivatives sold with exceedingly high marks (in fairness, they were rated based on geographic, income-based, and a multitude of factors--except they didn't encompass the theory of the bubble or a system-wide failure).
The argument for the regulated system (Fed) is that it prevents the big crashes. While that may be the case, it also may be significantly hindering the rate of recovery as well. The last problem centered around the theme of 'too big too fail' and yet the tendered solutions only made the same players bigger and increased their abilities to hurt the market/system down the road.
Another point is that we never escaped the boom (bubble) and burst model. We have the same issue except now it's prolonged booms and evidently busts as well. The booms and busts of the path were more associated with industrial production whereas today they're more associated with investments (tech, real estate and what have you). But make no mistake our eventual recovery and subsequent boom will be met with another bust. It is cyclical, but it's not necessarily a bad thing.