The idea that free market failures caused the Great Depression and that the federal government only acted as a rescuing hero is a myth, a quite outdated myth at this time. The actions of the federal government via the Federal Reserve were the primary cause of the Depression, not the other way around. That is, the federal government turned a recession into the Depression by cutting off the money supply and thereby forced the banks out of business. In addition government enacted the 1930 tariff laws that destroyed trade, so that retaliation cut off US farmers from foreign markets, so that, so that ... Fed Chair Ben Bernanke Regarding the Great Depression, 2002 Yes there was a stock market bubble and collapse in '29; there will inevitably be more in the future. But these are mere economic blips compared to what government malpractice has done the economy.