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Topic - Hoover'S Administration

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  • "The Great Depression informed the Fed's actions and decisions in the recent crisis," Fed Chairman Ben S. Bernanke said at George Washington University, noting the Fed's multiple missteps during the 1930s in failing to stem the financial panics, bank runs and economic downspiral that created such desperate conditions. (Associated Press)

    Bernanke: Fed actions prevented a depression

    For Americans who have forgotten, or who never knew, how much worse things could get — shantytowns, gnawing hunger and a desperate 1 in 4 people out of work — Federal Reserve Chairman Ben S. Bernanke is providing a reminder.

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