Importantly, In The 1930s, In The Great

Economics Is A Very Difficult Subject. I've Compared It To Trying To Learn How To Repair A Car When The Engine Is Running.

A Collapse In U.s. Stock Prices Certainly Would Cause A Lot Of White Knuckles On Wall Street. But What Effect Would It Have On The Broader U.s. Economy? If Wall Street Crashes, Does Main Street Follow? Not Necessarily.

It Is Not The Responsibility Of The Federal Bank - Nor Would It Be Appropriate - To Protect Lenders And Investors From The Consequences Of Their Decisions

I Think One Of The Lessons Of The Depression - And This Is Something That Franklin Roosevelt Demonstrated - Was That When Orthodoxy Fails, Then You Need To Try New Things. And He Was Very Willing To Try Unorthodox Approaches When The Orthodox Approach Had Shown That It Was Not Adequate.

Monetary Policy Cannot Do Much About Long-run Growth, All We Can Try To Do Is To Try To Smooth Out Periods Where The Economy Is Depressed Because Of Lack Of Demand