"The U.S. economy survived the dotcom bubble and crash of 1999-2000 much better than it survived the stock market bubble and crash of 1929. One reason is that President Bush did a better job of sifting through economic advice than did President Roosevelt.
Roosevelt and many others saw the Depression through [a] "hard times are upon us" lens. Their ambition was to redistribute the pain, because they did not believe that the pain could be ended and the former prosperity restored. They acted as though productive capacity had been destroyed, as if by a war or a natural disaster."
-Arnold Kling