Nobody can accuse the government and the Fed of inaction.
In 1935, six years after the 1929 Crash, the U.S. remained mired in the Great Depression -- as it would be for five years more. At a congressional hearing, then Federal Reserve Chairman Marriner Eccles told Rep. Thomas Alan Goldsborough (D., Md.) that there was very little the Fed could do beyond what it was already doing to pull the country out of the doldrums.
"You mean you cannot push on a string," said the congressman.
"That is a very good way to put it," replied Mr. Eccles. "One cannot push on a string. We are in the depths of a Depression and beyond creating an easy money situation through reduction of discount rates, there is very little, if anything, that the reserve organization can do to bring about recovery."
原文全文連結(The Wall Street Journal)
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