I'd recommend looking at a chart of GDP from before the Fed was established for the express purpose of mitigating boom/bust cycles. It looks like a jigsaw. If

I'd recommend looking at a chart of GDP from before the Fed was established for the express purpose of mitigating boom/bust cycles. It looks like a jigsaw. If you look at a chart of actual numbers, it's pretty clear that the countercyclical tools available to the fed diminish the effect of bubbles.