The Fed created the Great Bubble, the Fed burst the Great Bubble.
Spongebob and Squidward rolled into one.
Besides, the Fed was MORE constrained during the 1920s than it is now due to the Gold Standard. If this theory was correct, we should be seeing depressions MORE often now.
You must have deliberately chose to ignore that I've already told you that the word "depression" is archaic for what we call "recession".
And how did you arrive at the conclusion that a pinched off monetary supply is an argument against the existence of the Fed, instead of an argument for the Fed to do even more? How would the economy have been better off if there WAS no Fed to loan money?
Damn, you're wilfully ignorant.
Try reading my posts, I see no need to repost them.
So the Fed caused the Great Depression by not lending money.
You're only stating half the story.
Get with the program, stop repeating your propaganda.
Article II, Section 2, Clause 2: He [the President] shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the Advice and Consent of the Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the supreme Court, and all other Officers of the United States, whose Appointments are not herein otherwise provided for, and which shall be established by Law: but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments.
Wow. I didn't realize you actually knew how to find the Constitution.
Now, find the line in Article I, Section 8 that authorizes the Congress to abandon one of it's Constitutionally assigned duties.
We've ALWAYS had a lot of ****in recessions throughout American history.
No. Until the socialists took over in 1932, they were depressions.
The Fed CAN'T cause stagflation.
It's part of the problem.
The Federal Reserve kept the interest rates low and drove the inflationary portion of it. That Idiot Carter did the rest of the damage by being an idiot and keeping business over-regulated.