The Fed is now essentially an arm of Wall St and has been for years. Loose regulation and pure corruption allowed for this. CEOs of major banks end up as Fed Chairmen and top White House advisors, no conflict of interest there!
The crash was brought about by predatory mortgage lending and then the piggybacking off the inevitable defaults by traders, all brought to you by lax regulation and minimal oversight and accountability. To a degree I concur with you about the Fed, but the horrifying thing is that The Fed, for all intents and purposes, IS WALL ST. If a sound regulatory apparatus was in effect, codified and honored, they might not have run wild like they did. Or at least now they'd be in prison, not in their mansions in Connecticut.