Will we ever pay catastrophic consequences for the sins of the Federal Reserve?

The more I learn about the Fed the more scared I get

Quantitative easing, banks, mortgage backed securities. Yikes.

Is it true the fed is responsible for blowing up asset prices and wealth disparity as some have claimed or have they managed to keep buying power equal as a result of asset increases overall or is that just socialist propaganda?

Also why does the fed have to keep wall street happy? By catastrophic consequences I mean.. index funds go up over time even with massive crashes. The dow jones index and s&p aren't just going to go to zero and dissolve one day or could they?

Just trying to learn here, in theory you can always raise interest rates and stop inflation to stop hyperinflation right? At destroying the economy with deflation is better than hyperinflation