It seems to me a weak federal government caused the Great Depression, and a lack of proper regulation caused the bust in Reagan's presidency and in Bush's. States' rights seem small change compared to letting big money do whatever they please to get even bigger.
I agree that the Lesser Depression was caused by weak regulation. But it was also caused by Barney Frank and friends mandating home loans to unqualified borrowers and by the lending of the semi-government corporate entities Fannie Mae and Freddie Mac. Eliminate Frank's sub-prime law or the central government's participation in mortgage loans and you don't have the situation that the weak regulators failed to detect and correct.
Rich people are always over-represented in government. It is better to have them over-represented in a small weak central government than over-represented in huge powerful central government. If the gorilla weighs 200 pounds instead of 800 pounds the selection of the gorilla handler is not as critical.
I enjoy your posts too. Much to admire about the Roosevelts. Much to criticize too.
