It did. Dips are less frequent and less severe with a lender of last resort.
You should read some Milton Friedman (it might cure your ignorance).
I'm a conservative, not a libertarian.
Friedman can cure your ignorance, whatever you are.
You are a Helicopter Ben stooge. The Fed is an affirmative action swamp. It is a liberal swamp. It is a social engineering swamp. They rip-off Americans via a corrupt bankster monopoly on fiat money creation.
A low leveraged fiat money is somewhat tolerable and what the the Fed used to be responsible for. But now they are the banker of last resort for the ObunguAdmistration. They buy up the USG debt that China refuses to as of three years ago. All taxpayers are in hock to this reprehensible private bank to the tune of 2-3 trillion dollars. They hold the most USG debt of any entity.
They remit X number of billions to the US Treasury after lining their pockets to the max. The pockets of everyone employed there (very affirmative action oriented hiring policies) and contracted to provide services (very corrupt process) to them and build new buildings for them. Pay scales, salaries are much higher than what the USG pays. Fed Reserve operations are a never ending party, people being paid for doing ^^^absolutely^^^ nothing useful to society. General Prateaus’ wife got a useless $200,000 ‘ year job there in some useless Fed Dept of social engineering
Ha! The Great Depression proves you wrong.
Friedman can cure your ignorance, whatever you are.
You're the one that doesn't know how anything works. On every point you say "Why" and "How". All this is new to you isn't it?