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Calls for policy adjustments from various economists and institutions, including pleas from radial banks, went unheeded during this period, underscoring the Federal Reserve's negligence. The constitutional authority granted to Congress to regulate the currency was fundamentally compromised during this era due to the Federal Reserve's mismanagement.

Lessons in Modern Context

The past failures of the Federal Reserve have had lasting repercussions. The belief persists that central banks can handle economic fluctuations effectively, yet there is a contemporary concern that such institutions face entirely different challenges today, primarily inflation. The current narrative shifting blame to labor and management for inflation echoes the previous myths surrounding the Great Depression.