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[[File:Soupkitchen.jpg|300px|right|thumb|Soup kitchen during [[FDR]] presidency]]

[[File:Soupkitchen.jpg|300px|right|thumb|Soup kitchen during [[FDR]] presidency]]

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]].   

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><ref>[https://www.youtube.com/shorts/hK4FgvHaMOs Milton Friedman: Five Myths That Conceal Reality. The Failures of the Federal Reserve.</ref>

*{{Friedman-roosevelt-depression}}

*{{Friedman-roosevelt-depression}}

*"[[Herbert Hoover|Hoover]]-nomics and FDR’s [[New Deal]] created the longest and deepest economic downturn in U.S. history." [http://www.thefreemanonline.org/book-reviews/the-politically-incorrect-guide-to-the-great-depression-and-the-new-deal/ Raymond Keating]

*"[[Herbert Hoover|Hoover]]-nomics and FDR’s [[New Deal]] created the longest and deepest economic downturn in U.S. history." [http://www.thefreemanonline.org/book-reviews/the-politically-incorrect-guide-to-the-great-depression-and-the-new-deal/ Raymond Keating]