1. Why is the Great Depression of the 1930s considered to be the worst economic downturn in U.S. history?
2. What role did the bank panics of the early 1930s play in explaining the severity of the Great Depression?
3. What is the debt-deflation process? How did it contribute to the severity of the Great Depression?
4. Briefly summarize the explanations for the failure of the Federal Reserve to intervene to stabilize the banking system in the early 1930s.