"100,000,000 Guinea Pigs sparked a rising wave of consumer indignation. But...it takes a major catastrophe to carry legal and enforcement action over the hump of lethargy and inaction....Today, nearly forty years later, the situation is worse, not better."

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The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman