Great Depression was different - St Louis Fed
Policymakers must remember that circumstances very different to those that led to the Great Depression had triggered the current crisis, research from the St Louis Federal Reserve states.
The research documents the rise in residential mortgage defaults during the Great Depression and notes the actions taken by state and the federal governments to cut foreclosures and restore the health of the mortgage market. The research finds that, at present, a government bailout of homeowners would encourage
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