the following questions on the Great Depression and the 2007-09 recession using economic theory and what you have learned about the two episodes in class and in your reading. Shortly after the credit crisis of 2007-2009, a well-known media pundit wrote a column in which he claimed that the Federal Reserve made the same policy errors in both episodes, that they repeated in 2007-09 the same policy errors that they made in 1929-33. (1) What did the Fed do in 1929-33? (2) Did the Fed in fact do the same things again in 2007-09? (3) Was the outcome - the magnitude and duration of the business contractions - the same in the two episodes? If so, why? If not, why not? (40 points)