An excellent statistical survey. We often have arguments here as to the "correctness" of the fed action of reducing rates more than 10 times and keeping these down. Those that support the "Austrian" view of extreme discipline in monetary and fiscal policy should recognize that without the feds action, the last recession could have looked like the 29/32 affair and would have involved great misery to the 36 MM people that could have "potentially" lost their job. Spending ten years or so in a process of gradual realignment and reequilibration of the the economy after he bubble, is in my humble opinion a small price to pay to avoid such miseries.
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