The Fed has tried to avoid post-2000 recession and to stimulate general consumption by keeping low interest rates (and not objecting to the tax cuts). This was obviously politically motivated and not very smart as we now see. It did result in a credit bubble. But to claim that it was done to benefit a few 'well-connected' financiers is populism to my opinion. It was done to avoid discontent among people. To appease the masses, so to say...
Interestingly, it is the capitalists who are suffering now, as their equity is eroded by inflation, weak dollar and the bear stock market. The average Joe just defaults on his debts and walks away from his 3 year old house. His creditors take the loss. So it is actually a wealth transfer from the rich to the poor.
