FDRs fireside chat.

"The public plainly showed that it recovered from the fear and hysteria which characterized the last few days before the banking holiday was proclaimed." (The New York Times, March 14th, 1933.) During the opening days of March, 1933, the U.S. economy resembled a stricken body slowly bleeding…

Today, when we speak of ways to fight recessions, two options inevitably take pride of place: expansionary Fed policy (meaning lower interest rates or more asset purchases or both) and expansionary fiscal policy (more government spending or lower taxes or both). But if you've been keeping up…

Under the ¬†Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress appropriated $454 billion to the Treasury's Exchange Stabilization Fund (ESF) to backstop emergency lending facilities known as "special purpose vehicles" (SPVs).[1]¬† With the Treasury backstop, the Fed has the potential to lend a maximum of $4.5…

That New Deal fiscal policy contributed little to recovery from the Great Depression, and probably contributed to the setback of 1937-8.

"[The COVID-19 crisis] wouldn't be the first time America has resorted to large-scale fiscal stimulus in a peacetime emergency. The New Deal of the 1930s, a response to the Great Depression, is probably the most far-reaching example." (Katia Dmitrieva, "The Times America Went Big and Flooded Economy…