Maybe if the Fed could make money like this all the time there wouldn't be a need for taxes!
And it really is a government entity, regardless of what some people will tell you. It's kind of like the Supreme Court where it's members aren't democratically elected. And it wields such great economic power without the help or decisions of congress for a number of reasons. One of them being in the event of a crisis it needs to act and make decisions fast, something that congress never does.
And yes, they do have a monopoly on what they do, but that's usually the case with all government entities. They have the monopoly on governing, in this case it's the economy.
Hopefully you don't mind me taking part in this discussion as much as I am, I really enjoy this sort of thing and enjoy hearing other peoples opinions!