Actually, there was very little intervention by the federal government until FDR came into office. One of Roosevelt's first actions was to declare a "bank holiday", where every bank in the country was closed until it could prove its financial solvency. Those banks which were solvent were reopened and were then able to obtain Federal loans. Those that were insolvent were closed and their assets transferred to other banks; Depositors in failed banks received 85 cents on their dollar.
It's not reasonable to compare the actions of the government before and during the Great Depression and what is happening today. The steps that the government is taking today are intended to be proactive measures to avoid a greater future collapse of the US and world financial market. Whether or not these steps are prudent or even sufficient, only time will tell.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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