Sorry if it seemed confusing, but what I'm essentially trying to say is that expansionary monetary policy from the Fed led to bad inenvestments being made in the "real" economy. In other words, capital and labour were misallocated in the boom, which amounts to destruction of real wealth.

It is this expansion of money and credit that causes booms which inevitably require recessions to correct.

I think my statement about the steel-workers' salaries rising, and the stock market boom try to illustrate how the boom affected capital good industries.

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In other words the crash was caused by greed and weak government.

by recovery, do you mean sustainable recovery? or a return to the 'grow grow grow' kleptocracy fuelled by private greed?

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Difference between weather and climate
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In other words the recession was caused by lax monetary policy by an entity of the Federal Government.

I mean an economy based around production and savings, not paper money inflation.

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If greed was not allowed free rein, the crash would not have occurred.

If there was no expansionary monetary policy there would have been no "greed"...not that I'm admitting the greed was what caused the crash.

Just like the inflation used to fund the war caused the post-WWI recession, the inflation of the 1920s was the cause of the 1929 recession.

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are you for real?

Don't cherry pick my quotes.

I told you what I think caused the crash: inflationist policies of the Fedaral Reserve.

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As if you have never done it

And why do you think this happened?

Who knows. You'd have to go back to the rationales of central banking. In the 1920s they probably thought that is was vital for central banks to give industry and agriculture endless streams of credit in order to facilitate "growth". Little did they know that growth based on credit and not savings causes recessions.

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