Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
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The Role of the Federal Reserve in the Great Depression
The traditional view of the Great Depression is that the Federal Reserve failed to act and that was kind of the cause. But you really present a revisionist history of that period. And just give us your case, defend your argument that we should principally think of it as a housing bubble. Here's the thing. The way I think the argument is not wrong in Friedman's words. It's just that we don't, in some versions of it, now Friedman and Schwartz don't actually say this,. Some people have gone to the view that, well, it was just really a pretty garden-varided recession, but the Fed Screwed Up.
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