The Many Crises the Fed Was Made to Prevent

Regarding Holman Jenkins, Jr.’s “The Joe Biden Banking Crisis” (Business World, March 22): The Fed will save us. After all, since the Federal Reserve Act became law during the 1913-14 recession, everything has been fine. There have been only 15 to 17 recessions and a couple of depressions since. And let’s not forget the Great Inflation from the 1960s to the 1980s, when I was starting my career and paying 12.5% interest on a home loan.

With the Covid-19 vaccines, many said, “Thank goodness we had them, or it could have been much worse.” Many would say the same about the Fed. We know the truth but aren’t allowed to say it.