The Great Depression was unprecedented because prior to that no one had had the power to mess up the economy that badly. The Fed was extremely active. They made

The Great Depression was unprecedented because prior to that no one had had the power to mess up the economy that badly. The Fed was extremely active. They made the Depression Great by contracting the money supply by a third when the economy was in recession. Given the consequences of the Great Depression (WW2) it seems unlikely active central banks have been a net good.