Letter: Federal Reserve needs to learn from Depression

In 2002, former Federal Reserve Chair Ben Bernanke gave a speech on Milton Friedman’s 90th birthday about Friedman and Anna Schwartz’s research on the Great Depression. The research concluded that the Federal Reserve, in order to curb the Roaring ’20s and the stock market boom, raised interest rates and caused the 1929 stock market crash and the Great Depression.

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