I suppose it was inevitable. The Fed, after the disaster that was the Great Depression, pretty much decided they were not very good at identifying and then popping speculative bubbles like what we had in the stock market in the 1920s. Or did we? Economists to this very day, 79 years later, still argue about whether there was or was not a bubble in stocks back then. My answer is who cares? The Federal Reserve's perception was that there indeed was a bubble in stocks and that is what they acted on to send the economy into a tail spin. Messy history.
Before this current mess, many economists (like me and Chairman Bernanke) thought that the government ought not to be in the business of deciding what securities and equities should be worth, that is, being the so-called "arbiter of securities prices." Now that the Fed is going to start doing something about bubbles (see the link below), they are basically saying they know what the "correct" price is for assets, and that they are going to make it so. So be it. This is not going to be a seemless venture. There are going to be successes and failures like all parts of life.
But when the government starts deciding on prices, you might want to stock up your liquor cabinet. It may be a rough ride.
Then again, what has cold deliberate ignorance to the housing bubble gotten us?