TW: One thing that gives me hope now versus 1929 is that back then the US and world governments pulled back on money supply at the start of the crisis. Now the US and others have opened the monetary spigots (for better or worse). Note this entry is from 1933 four years into the crisis, I believe Fed pumped $600 billion+ into our markets this week.
From Int'l Herald Tribune (its flashback in time feature):
Sept 15th, 1933: U.S. Senate to Tackle Inflation
"WASHINGTON: Senator Pat Harrison, Chairman of the Senate finance committee, announced this afternoon [Sept. 14] that the administration would soon take inflationary action to boost commodity prices. A greenback issue, he believed, would bring the greatest immediate result. Senator Harrison also said that an increase in the price of gold would have an inflationary effect and that the dollar should not be stabilized at present levels. The Senator predicted that the Federal Reserve open market purchase of Government securities would be increased above the present $40,000,000 weekly, which, he said, was insufficient to raise commodity prices. He said the restoration of agricultural prosperity demanded immediate action and that farmers believed the success of President Roosevelt’s program would be jeopardized unless commodity prices rose."
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