Between 1921 and 1929, the money supply increased by 63%, from about $45 billion to about $73 billion.<a class="user" href="http://mises.org/rothbard/agd.pdf" rel="nofollow">http://mises.org/rothbard/agd.pdf</a>The Federal Reserve pumped in tens of billions in credit into the market, inflated the stock bubble, and then in late 1929, the bubble burst. Instead of letting the market run its course and fix what went wrong, Hoover intervened, FDR followed Hoover's lead, and the Federal Reserve kept on with the same failed strategy that caused the problem in the first place.
raincloudMar 25, 2009
We are taking a huge gamble by hoping he's wrong now.
Closed AccountMar 26, 2009
Between 1921 and 1929, the money supply increased by 63%, from about $45 billion to about $73 billion.<a class="user" href="http://mises.org/rothbard/agd.pdf" rel="nofollow">http://mises.org/rothbard/agd.pdf</a>The Federal Reserve pumped in tens of billions in credit into the market, inflated the stock bubble, and then in late 1929, the bubble burst. Instead of letting the market run its course and fix what went wrong, Hoover intervened, FDR followed Hoover's lead, and the Federal Reserve kept on with the same failed strategy that caused the problem in the first place.