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 - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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