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The recession created by the collapse of the Stock Market, which was recovering by 1930, was turned into a Depression by the Smoot-Hawley Tariff
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}}
* The recession created by the collapse of the Stock Market, which was recovering by 1930 (unemployment was back down to 6%), was turned into a Depression by the [[Smoot-Hawley Tariff]] bill. [http://www.friesian.com/satan.htm]
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