Writes Bob Higgs: On the stock markets, corporate share prices have fallen precipitously. Unemployment is rising. Housing construction has declined greatly, and home builders are going bankrupt. Many homeowners are losing their homes to foreclosure or tax sale. Many banks and other financial firms are in trouble, and some have already gone under. Loans are harder to get than they used to be, especially for the least creditworthy borrowers. At the Fed, the central bankers are baffled, sensing their powerlessness to prevent further economic contraction. The president is discredited and eager to leave office, passing responsibility for dealing with all … Continue reading 1933 Redux?