I don't know how you get from a reasonable position that a lot of real estate got way overpriced, which required enormous expansion of bank credit, which required the active and willing participation of the Federal Reserve in the expansion of that credit to the view that the Federal Reserve has no control over this.
In fact, the Burns / Volker shift in policy and its consequences is ample demonstration that the Federal Reserve has a lot of control over whether we have very high rates of inflation or not.