tious and started holding greater reserves, the process of money creation under
fractional-reserve banking went into reverse. The Fed,
buy herve leger dress, meanwhile,
carrera frames, failed to off-
set this fall in the money multiplier with expansionary open-market operations.
As a result,
true religion jeans wholesale, the money supply declined. Many economists blame the Fed's fail-
ure to act for the Great Depression's severity.
Other economists have suggested alternative reasons for the collapse in
aggregate demand. For example,
d&g eyeglasses, stock prices fell about 90 percent during this
period,
diesel jeans wholesale, depressing household wealth and thereby consumer spending. In addi-