Lets be honest: If they would install a "good fed chairman", who was interested in "long term US health" he would need to raise rates to 7-10% for a prolonged time to root out inflation and fix all the malinvestment brought on by 30 years of printing.

Short/Mid term that would collapse most of the zombie economy. Would cause massive unemployment. Most of gov itself would collapse and layoff millions of workers.

Consumer spending would likewise collapse, perhaps by 70+%. Housing + Food + Electricity + Gas would be the only real spending people would engage in. Entertainment and travel would collapse. 70% of restaurants would close....etc..etc.

Long term (10+ years) we would come out of this much stronger and would set ourselves up for another 100 year run of prosperity.

Another causality of all this would probably be bitcoin. I don't mean that it would "die", but price would get crushed 70+% for a long long time. An uncomfortable reality is that "bad economic policy" is the fertile ground that bitcoin has been growing in.