"Milton Friedman's monumental A Monetary History of the United States, co-written with Anna Schwartz, makes the now standard interpretation of what made the "great contraction" so severe. It was not the downturn in the business cycle, trade protectionism or the 1929 stock market crash that plunged the country into deep depression. It was the collapse of the banking system during three waves of panics over the 1930-33 period.[39]"
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You should ask Ethan about Milton Friedman. He just read "Free to Choose", which although enlightening, proved to be a little out of date in terms of assessment of the current financial system. It's amazing what a few years of hindsight will do for you.
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