That neither contradicts what I said nor is
majority thought. Lawrence Reed isn't exactly a big gun on the subject and is certainly coming from a point of known bias for the so-called free-market. I've actually researched this topic myself and it seems the way the market was reorganized to have more controls supports the long term effect of stability, however the spending plans to put people back to work may have been a wash. And joke or no joke but many people believed business wanted and acted in a way to make the New Deal fail though criminal charges never materialized before the war effort made investigations irrelevant. Though the unions weren't exactly helpful during the late 1930s either.
PS: I apologize for the earlier post, I mistook the Fed for the FDIC. The Fed was created by another Democratic President Woodrow Wilson who did it in response to the monetary panic of 1907. You realize there were panics all the time due to the business cycles before the New Deal and basically none since? Coincidence in your mind?
like i said, IT WAS AN INTERESTING ARTICLE, it wasnt an attack on your views....
Fed was created to control the liquidity in the market place and stop the big bankers and investors of the time from twisting the market, which was a good thing....
There are still panics, but the global market place is so huge now with exchanges all over the world that they are now getting smaller and smaller....
1998 a 2 billion hedge fund called Long Term Capital Management got forced into a margin call and almost took the US market place down (Fed stepped in and provided liquidity and extended credit to the banks). September of 2006 a hedge fund called Amaranth had a similar situation happened with a 9 billion hedge fund and the market never blinked....
