because it was so short-lived. Government policy to
moderate the depression and speed the recovery was
minimal. The Federal Reserve authorities were largely
passive.
___Production fell 21% over 12 months, and
conditions were worse than 1930.
The rally was based on a drastic cleanup of credit
weakness, a drastic reduction in the costs of
production, and the free play of private enterprise.
Hoover and FDR did the opposite in 1929-41 as did Bush
and Obama in 2008-2009.
FDR's Treasury Secretary stated "after 8 years of this
Administration we have just as much unemployment as when
we started ... and an enormous debt to boot!"
Source: Meltdown, pp 94-95, 149
If we ignore the mistakes of history, then we will be
condemned to repeat them.
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