Massive Government Intervention Drove U.S. Deeper Into Depression by Thomas Sowell

Nothing established the idea that government intervention in the economy is essential like the Great Depression of the 1930s.

The raw facts tell the story of that historic tragedy: National output fell by one-third between 1929 and 1933, thousands of banks failed, unemployment peaked at 25%, corporations as a whole lost money two years in a row.

Prior to this time, no president had attempted to have the federal government intervene to bring a depression to an end.

Many saw in the Great Depression the failure of free market capitalism as an economic system and a reason for seeking a radically different kind of economy — for some Communism, for some Fascism and for some the New Deal policies of Franklin D. Roosevelt's administration.

read the rest here www.investors.com