something has to change
the other question has to be was this done on purpose.
When should the Fed crash the party?In the darkest days of the Depression, Treasury Secretary Andrew Mellon, one of the richest men in the United States, opposed any government action to stem the tide of plunging business activity and soaring unemployment. Instead, he urged a policy of supreme indifference.
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," he said.
"It will purge the rottenness out of the system," he added, and values "will be adjusted, and enterprising people will pick up the wrecks from less competent people."
John Maynard Keynes, for one, thought that prescriptions like Mellon's were preposterous. The economist called those who held such views "austere and puritanical souls" who believed that it would "be a victory for the mammon of unrighteousness" if general prosperity were not "subsequently balanced by universal bankruptcy." Keynes perceived too much good in prosperity to treat it as the enemy, and he revolutionized economic theory to prove his point.
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