Robert P. Murphy, Mises Institute scholar and author of The Politically Incorrect Guide to the Great Depression and the New Deal, explains how FED monetary policy created speculative bubble that led to Great Depression, the historical basis for doubting Milton Friedman’s “the FED didn’t do enough” theory of the Depression, negative results of government purchasing “excess” agricultural production, Hoover’s undeserved reputation as a laissez faire “hand’s off” president and how cherry-picking facts can justify any economic theory.
