why should there have been? The problem was not lowering interest rates during a crash. we had 9/11 and later the Iraq war during that period. The problem IMO is leaving the “emergency” rates in place for over a decade. This government seems incapable of discontinuing emergency policies
“why should there have been? “.
The main lesson of Austrian School economic theory is that artificially depressing the interest rate is the driving force behind boom and bust.
We got a real world test of that theory when Greenspan began a ZIRP program in 2001, and kept it in place for years.
That near zero interest rate policy allowed vast amounts of money to be raised because it cost virtually nothing. And that money flowed into the housing sector, creating one of the biggest and most unstable bubbles in financial history.