Are you aware the president appoints the chairman of the Fed? The Fed is a national bank, like the Bank of England.
Are you aware that TARP nationalized the big Wall Street banks (the government gave the banks money and got preferred stock; i.e., the government became part owner of the banks)? Socialism is when the government owns the means of production. So, TARP was socialism; socialism for the rich, that is.
Debt occus when Congress uses deficit spending instead of spending tax revenues. Slick Willie Clinton was able to produce a surplus at the end of his presidency because he raised taxes on the wealthy and held spending down.
George W. Bush cut Clinton's taxes on the wealthy and increased spending to fight two wars in the Middle East and institute Medicare Part D without paying for it. When you spend more money than you raise through taxation, you must borrow the difference. This creates a deficit. All the deficits produced after Bush became president ate up Clinton's surplus and increased our federal debt.