All of these sound very familiar…

Great Depression Controversies and Facts

• “Each crash was followed by a sharp partial recovery as shorts covered and new “bargain hunters” were lured in.”
• “The rediscount rate was lowered to 2 1/2% – the lowest level in history – recognizing an already existing fact as there was little demand for Federal Reserve funds.”
• “Reassuring statements came regularly from Washington and were just as regularly ignored.”
• “Commodity prices had collapsed.”
• “However, there was a worldwide adverse shift in the credit markets that more than overcame the beneficial impacts of sharply lower interest rates.”
• “The financial breakdown accelerated. Two more big board firms failed. With each breakdown, stocks and commodities in which the insolvent houses specialized were driven sharply lower as assets were liquidated to pay claims.”
• “Bank closings became a regular news item.”
• “Wall Street gave absolutely no credence any more to confident statements by economists, bankers, industrialists and government leaders.”

Source: FutureCasts