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The lesson of the Depression is that the Fed at the time sat on their ass and let the economy collapse around them instead of doing something. It had little to
by vasco 6y ago
The lesson of the Depression is that the Fed at the time sat on their ass and let the economy collapse around them instead of doing something. It had little to do with retail investor euphoria.
- skohan 6y agoSurely it had something to do with retail investor euphoria...
- lottin 6y agoCan you quote any economic historian that agrees with you?
- jessaustin 6y agoWasn't that a synopsis of Ben Bernanke's entire output over his whole career? Personally I don't completely agree, especially as Bernanke used that theory to justify some of his own questionable actions...
- MR4D 6y agoI’m not the OP, but there’s a whole book on the topic. Fascinating read if you ever get the chance. A Keystone Cops level of professionalism displayed by the central bankers at the time. Lords of Finance - https://www.amazon.com/Lords-Finance-Bankers-Broke-World/dp/0143116800 https://www.amazon.com/Lords-Finance-Bankers-Broke-World/dp/...