Yes, I think that the Federal Reserve is effective in helping moderate the US economy because the US economy has started to become so out of control and it has needed something to help moderate it, so I was happy when I heard that they stepped into place I am hoping good things come from it.
We have not had a "great depression" for years, and yes we have come close. The facts at the current moment support the Federal Reserve in that they are doing their job. Close is scary, but it has not failed us in awhile, nor does it plan to happen. Saying that the Federal Reserve is not helping us is assuming that someone else has a full proof system, that be the case it would have came up by now.
I don't believe the Federal Reserve is effectively helping the US economy to moderate itself... I mean the economy has been very bad over the past few years and it seems like everyone cares too much about money. Which is why I believe the U.S economy will never fix it self.
The Federal Reserve, like most federal programs in the United States, is not effective at much of anything. The US economy seems to be its own mysterious entity, not inclined to be swayed by government systems. The economy is controlled by corporations and by the buying choices of the populace.