[jps098]

Or was that the Federal Reserve?

[Frank T]

I don't know when the Fed was created, but it was at some point during the Wilson administration.

Capitalism gets the blame from many for the stock market crash in '29, but laissez-faire economists since then have pointed to the creation of the Fed, and its handling of the money supply, as the cause. Centralized managment of the banking system causing a market crash? Who would have thought??

Apparently the big crash was set up to happen at the end of the first world war, but the Harding administration cut taxes, deflating the pressure.

[jslade]

Or was that the Federal Reserve?

BOTH!