"The crash of 1929 was not really the cause of the Depression. The cause of the Depression was the failure of banks, and people panicking. So what the Fed is trying to do is trying to prevent another massive failure of banks. Now, why Bear Stearns ended up in that situation, that’s the key question. Why was a bank allowed to borrow way over the amount of money that it could actually pay back? This is the key question. And the answer is, lack of regulation."