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The economy would indeed have been far better off without the interventionism of both Hoover and FDR. The Great Depression may not even have happened at all if not for their mistaken policies. The 1921 depression had a much sharper initial downturn than the 1929 depression. Harding administration didn't do anything to stop the repricing adjustment process, and depression was over in a little more than a year. Not many people even remember the 1921 depression.
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