You cant compare money created by the Fed to money spent by the government. Thats just a surefire way to musunderstand everything. Tax payers to not have to pay interest on that money.
You are right about tarp however, that was idiotic and totally unneeded.
I am not sure that is true in terms of monetary policy. When the Fed "creates" money, is it really that different then the government "creating" money by selling bonds? That is, if you assume the government backs the Fed which most people do. Certainly the Fed creating money adds to the ratio of debt to GDP, and raises interest rates on government debt. But I am no expert so correct me.
The firms have been big enough to control who is appointed to supervise (and bail out, when necessary) them for a long time. Nothing that happened in 2007-10 was going to change that. All the promises were bullshit, because that's all they possibly could have been.
Money doesn't get its value from the Fed. It gets its value from what economists call real goods and services. If nobody was willing to exchange their work product for our money, it would be virtually worthless. So when the Fed electronically debits and credits their account with newly created money and a new purchase of a toxic asset, they're necessarily stealing someone else's (everyone else's, really) work product, in real terms.
You are right about tarp however, that was idiotic and totally unneeded.