Will US repeat mistakes of 1937?

Yes, the reserve requirements were raised in 1937 and 1938.  As you know reserve requirements ensure that Banks have cash in their vault.  When you raise reserve requirements a little, you significantly reduce the banking systems ability to make loans.  That is why no one over the last 12 to 18 months has really talked about reserve requirements.  They talk of capital requirements.  Bank of America was hammered, as many other banks, because they had to raise Tier 1 capital.  Since the acquisition of Merrill had so many unknown future credit losses in September 2008, BofA had to raise a bunch of capital in march of 2009.  They essentially diluted the shares of the company

Mr. Juback, why have you forgotten to talk about all the fiscal policies that Roosevelt imposed on America.  The minimum wage was not imposed  until Fall of 1939.  All the other absurd tax and regulation policies instituted in 1933, 1934, on so on, continued to distort the market.  No one was certain what new regulation would come down the pike.  Mr. Juback if you can not see nor admit how the Obama administration has distorted the free market by (1) buying GM and Chrysler, (2) how the stimulus program has reversed welfare reform and  told people not to even look for work, (3) how the cap and trade bill would distort the production, distribution and cost of energy, (4) how the health care bill 3200 would distort the delivery of 1/6 of the US economy, then you are disingenuous.  While the rest of the world (China and India) are trying to deregulate their economies and lower taxes and adopt greater free market reforms, the Obama administration is trying to impose more regulations and higher taxes on our economy.  The issue is that other countries around the world are becoming increasingly better investment locations than the US because they are adopting less regulation and taxes.  Socialism?  Sure.  No need to be snide to people that feel like the government is trying to run their lives.  My definition of Socialism is the government's intentional intervention in an individuals ability to make free choices.  Cap and Trade and Health care reform and alot of the stimulas bill certainly distort my ability to make a free choice.

PS.  the net neutrality rules proposed by the FCC is a form of Socialism.

C'mon Jim. No discussion of the Wagner Act and its effects on business, along with FDR's increasingly strident anti-business rhetoric, renders this article useless.

The Wager Act lead to the virtual unionization of the entire manufacturing sector in 1937. There were legal strikes, illegal strikes, sitdown strikes, secondary boycotts, etc., all encouraged by FDR. Perhaps this had something to do with the decline in GDP?

Can the end of America as we know it be that far away, when a fairly conservative economic columnist gets savaged by neo-cons for simply raising the question of recovery having parallels to a chapter from the Great Depression? Just read the twisted spin on this article ddn123 writes. Talk about someone who woke up on the wrong side of the bed, huh?

Look folks, Jubak is not announcing a new form of political philosophy or economic school of thought, he is simply reviewing a little economic history and asking a few questions. So simply because he polks a little fun at the Chicken Littles who answer everything OUR president advocates with accusations of a hidden socialist/coounist agenda, Jubak is now a apostate for the Anti-Christ? Get Real already. Chill Out. Have a Beer. Be thankful you had the good fortune to be born an American in the late 20th century.