The market, if left to itself, is automatically self regulating, both in regards to the price of consumable goods, and in regards to the ability of speculative investors to obtain cheap money. Such a market punishes speculators who fail with interest rates appropriate to the level of risk. It cannot do this, however, when those rates are set artificially by a central bank. Though the Fed is an independent institution on paper, they serve at the behest of Congress and the President. For all practical purposes they are an arm of the Federal government, exercising power from on high, and dictating to the market how it will run.
Appealing to Zimbabwe as a counter-example, as did the previous commenter, is an example of cognitive dissonance. Zimbabwe is a perfect example of what happens when the government does NOT let the market self-regulate, when, rather, the government sets prices and interest rates, distributes property, and prints massive quantities of fiat money to compensate for its inability to create true wealth. No government, no matter how much control it exercises, can possibly manage an economy better than the economy can manage itself. It is too big a beast, too complex, with too many interlocking parts.
The particulars of any individual bubble are not even worth analyzing or assigning blame over, because the fact is, someone is always going to be willing to lend money out so that someone else can "invest" in a "sure thing." Thus far, I've never heard anyone offer a solution to that fundamental problem short of flat-out illegalizing lending, which would cause a host of other economic woes.
Unless you have some idea to magically smooth out the risks inherent in any market, there will always be leverage, and there will always be bubbles; there may be some reasonable arguments for getting rid of the Fed, but the idea that without them we'd be immune to unpredictable major corrections is just ludicrous (and it doesn't count as a "prediction" if your economic school has always claimed that a crash is imminent because our economic model is too Keynesian).
The Fed is the "fundamental force driving our economy," really? Here I was thinking that what drove our economy was the production and sale of useful goods and services...guess I have a lot to learn.