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To: Mike M2 who wrote (159)4/1/2001 9:28:26 PM
From: JF Quinnelly  Read Replies (1) | Respond to of 443
 
Yes, but the banks didn't have to collapse. The Fed could have purchased bonds and other assets of desperate banks to supply enough funds to keep their depositors whole. Instead the Fed failed to act and let 30% of the money supply evaporate. The banking collapses didn't happen right on the heels of the stock market crash. More like in 1932 and 33. I know there's a chart in Friedman and Schwartz, I'll have to see if can find it.


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