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Politics : Right Wing Extremist Thread -- Ignore unavailable to you. Want to Upgrade?

To: Neocon who wrote (20128)	11/15/2001 5:13:43 PM
From: Ilaine	Read Replies (1) \| Respond to of 59480

Friedman is very, very good. Actually Friedman & Schwartz, "A Monetary History of the United States, 1867-1960," a magisterial work. Bank failures definitely made things worse, and so did lack of liquidity, both of which the Fed could have helped, in theory, although Friedman & Schwartz explain why the Fed did not think it could do what they believe would have ameliorated things. Later writers corroborate this - the Fed did not believe it had the power to save banks outside the Federal Reserve system; and the Fed actually feared it was injecting too much liquidity. Later writers have also demonstrated that there was ample lending power, but no borrowers. Deflation was certainly a problem, but that was due to more than monetary causes. The problem with most books about the Great Depression is that most economists don't know much about history, and most historians don't know much about economics.