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[[File:New York Stock Exchange 1939.jpg|thumb|New York Stock Exchange, 1939.]]

[[File:New York Stock Exchange 1939.jpg|thumb|New York Stock Exchange, 1939.]]

The '''Great Depression''' was a severe, worldwide economic downturn lasting from 1929 to the early 1940s. The primary cause was the failure of the [[Fed]] to carry out its given role of preventing [[bank run]]s. Nearly half the nation's banks failed, as panicked depositors withdrew their life savings, reducing the [[money supply]] and retarding [[investment]].   

The '''Great Depression''' was a severe, worldwide economic downturn lasting from 1929 to the early 1940s. The primary cause was the failure of the [[Federal Reserve System|Fed]] to carry out its given role of preventing [[bank run]]s. Nearly half the nation's banks failed, as panicked depositors withdrew their life savings, reducing the [[money supply]] and retarding [[investment]].   

Then, things were made still worse by [[government intervention]], i.e., the largest-ever peacetime tax increase, an increase in [[tariff]]s, massive [[public works]] projects, [[wage and price controls]], and "increased bank-reserve requirements".<ref>[http://www.thefreemanonline.org/featured/the-great-depression-according-to-milton-friedman/# The Great Depression According to Milton Friedman]</ref>

Then, things were made still worse by [[government intervention]], i.e., the largest-ever peacetime tax increase, an increase in [[tariff]]s, massive [[public works]] projects, [[wage and price controls]], and "increased bank-reserve requirements".<ref>[http://www.thefreemanonline.org/featured/the-great-depression-according-to-milton-friedman/# The Great Depression According to Milton Friedman]</ref>

*{{Friedman-roosevelt-depression}}

*{{Friedman-roosevelt-depression}}