So, Bernanke's on record saying the 2008 financial crisis was worse than any other financial crisis in history. Including the one of '29. Obviously, you have to ask why it didn't turn into a second depression. Well, essentially, Milton Friedman was right. The central banks of the world (minus the ECB >.>) adopted regimes of expansionary monetary policy, whereas the Fed in '29 performed adopted a sharp contractionary policy. Essentially, monetary stimulus was the only thing which kept us from a depression since no fiscal stimulus was really performed.

Can we adopt a proper monetary regime now and stop having recessions and bailouts? Or at the very least put fiscal stimulus under central bank control.