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→Milton Friedman
[[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.]]
===Milton Friedman===
===Milton Friedman===
Friedman argues that the depression began as a normal cyclical downturn, but was made much worse when the money supply fell by a third, caused primarily by banking failures in the U.S. The Federal Reserve did not cause the depression, in Friedman's view, but failed to stop those [[bank failure]]s when it could and should have done so in 1931–33. In Friedman's view, the Federal Reserve failed to do precisely what it was created to do, prevent a contraction in the money supply (monetary deflation) and prevent so many bank failures. Economist [[Ben Bernanke]] adopted the Friedman view, and when the [[Financial Crisis of 2008]] hit, Bernanke, as Chairman of the Federal Reserve, made it a central goal to save the major banks using a trillion dollars in cash and credit from the Fed and from the $700 billion TARP program of October 2008 that Congress approved after President [[George W. Bush]] made an urgent appeal.
Friedman argues that the depression began as a normal cyclical downturn, but was made much worse when the money supply fell by a third, caused primarily by banking failures in the U.S. The Federal Reserve did not cause the depression, in Friedman's view, but failed to stop those bank failures when it could and should have done so in 1931–33. In Friedman's view, the Federal Reserve failed to do precisely what it was created to do, prevent a contraction in the money supply (monetary deflation) and prevent so many bank failures. Economist [[Ben Bernanke]] adopted the Friedman view, and when the [[Financial Crisis of 2008]] hit, Bernanke, as Chairman of the Federal Reserve, made it a central goal to save the major banks using a trillion dollars in cash and credit from the Fed and from the $700 billion TARP program of October 2008 that Congress approved after President [[George W. Bush]] made an urgent appeal.
===Austrian School===
===Austrian School===