That is exactly most of the people think, not those from economy school. Because this, we can say that wealth is destroyed if there is a rate hike (money destroyed by central bank)

Now I have a better view!

Imagine a simple game:
First year,  A sell his house to B for $3 million
Second year, B sell the house to C at $4 million
Third year, C sell to D at 5 million

In this process, the amount of money required for transaction increased so much that bank must provide them bigger and bigger loans, thus lots of money must be created to facilitate the trades, and wealth is created from newly provided loans for this bubble (or bad investment, but you can never tell in forehand, if the price continously rise, then it is a good investment!)

Then, at certain point, most of the people have joined the game and bought a house, there is not enough new buyers join the game to keep the price hype, at the same time, FED has realized this might be a bubble and start to tighten. Then the house price will fall back to 4 million and 3 million. It's this tighten really detroyed the wealth (or money), what we see after 2008 is the consequence of tightening during 2007, but the wealth is already destroyed in 2007

I remember a story: One guy spend holiday with his wife, he got up early in the morning, went to cassino and bet 1 dollar on number 7 of the roulette, he were super lucky and hit 7 four times in a row and won 1.6 million dollar, and at the last bet he lost it all. He return to his wife and said that he just had a dream. His wealth is created and destroyed in one morning