The federal reserve killed the 1930-31 recovery when they raised interest rates and started the depression, FDR created a hostile business environment with his policies and continued the depression.
Sad to say the Obamaloon’s going down the same path as FDR. At least the fed learned not to raise interest rates in a recession.
“when they raised interest rates and started the depression”
Raising interest rates did not, cannot, start a depression. Sounds like you’re operating under monetarist delusions.
By the way, I don’t even know if they did raise interest rates, but I’ll take your word for it. Certainly they didn’t scatter money to the winds like Helicopter Ben. Look how well that worked.
“The federal reserve killed the 1930-31 recovery when they raised interest rates and started the depression”
To clarify, the only way one could say raising interest rates would start a depression is if rates had been previously too low, with resultant overexpansion of credit and malinvestment of capital. But in that case any rational human being would say that the overexpansion and malinvestment were to blame. All keeping interest rates where they were or lower can accomplish is perpetuate malinvestment. You can’t get good wealth chasing after bad capital.
If you want to see why monetary stimulus doesn’t work, take a look at the current multi-year Era of Zero Interest. According to Friedman, Keynes, and you, the U.S. under Bernanke should be the land of milk and honey. What happened? Underestimate the perfidy of the “malefactors of great wealth” and “economic monarchists,” did we?