Several of those events led to insurrections, street warfare and hundreds of thousands of people starving and for many of them death.
It is interesting to note the many times that the word "panic" comes up when discussing these pre WWII economic events. Panic often included numerous bank closings where people lost their entire life savings.
How many bank closings have we had recently where people lost their entire life savings?
Even if one looks at the recent rash of foreclosures, current bankruptcy laws are such that people are not left destitute.
Current bank regulation policy has reduced bank failure, and eliminated the ordinary person's deposit risk. Even if one considered nothing else, this would represent an enormous success of financial "regulation."
Given the indisputable fact, I simply cannot see evidence for the suggestion that "regulation" has destroyed our economy.
