[Rockingham]

Quite true, but the Fed did not operate in a vacuum. Hoover was consulted, and in a sulk due to his defeat by Roosevelt, declined to back the Fed acting as the lender of last resort. FDR was also consulted and, believing that a trap was being set for him, also declined to endorse action by the Fed.

The ill effects of this long and confused interregnum led to the constitutional revision that moved the date of the Presidential inauguration from March 4 to January 20.

[Maine Mariner]

Excellent observations.

Also the untimely death of Benjamin Strong, the head of the New York Fed, may have been a major factor in the Great Depression become Great.