I kind of agree with the OP but see it differently.

Modern economic policy seems to be based on two irrational biases of people, the wealth effect and inflation apathy. When home owners see the price of their house go up, they spend more even though they still just own the same house. Meanwhile workers don't complain about their wages being worth less each year but if you asked them to take a 2% cut nominal terms they'd go on strike.

Politicians and bankers have known this since last century which is why they target 2% inflation to keep people working just in order to keep up and create full employment and avoid revolt.

The FRB now comes in because in order to keep doing this there has to be an increase in debt to pay the debts of those earlier in the ponzi scheme. Easy solution, pump house prices every time there's a recession so late comers have to borrow more to buy the same house. To do this you lower interest rates and the discount rate and assets go up. Those voters who bought houses before the dot com crash are sorted while anyone who didn't is screwed.

Even this is unsustainable and the GFC should have been the end but they kept it going a bit longer with QE, taking more money from the property poor and giving it to the asset rich. What happens next time people can't make their payments even at 2%? They can't lower rates any more so then we could get the depression that we think we've avoided?