More recently, Milton Friedman and Anna Schwartz, in their monumental study of monetary policy in the United States, (1963, p. 290) wrote: “Nonetheless, there is no doubt that the desire to curb the stock market boom was the major if not dominating factor in [Federal] Reserve actions during 1928 and 1929. . .
In the event [the Fed] followed a policy which was too easy to break the speculative boom, yet too tight to promote healthy economic growth.