**THEN AND NOW**
Our determination to deal firmly and adequately with a serious depression is still to be tested. But there is a considerable difference between a failure to do enough that is right and a determination to do much that is wrong.-John Kenneth Galbraith
Monday, May 9, 2011
Federal Reserve
Then In 1927 the Federal Reserve did indeed encourage speculation by lowering discount rates from 4 to 3 1/2 percent. (Ellis)
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