Unemployment at 11.7%, the stock market plummeted 50%, top income tax rates (thanks to Woodrow Wilson) were at 77% - and America was in the Great Depression of 1920. Although I never heard of it before yesterday!
Why not? It wasn't long enough???? We see the selective education we get.
President Warren Harding's free-market policies got us out of this depression in 18 months, and into the Roaring '20's.
Here's an article from Cato that discusses it - and I recommend Glenn Beck's April 12th show for it's summary of the issues.