has bernanke saved the world economy?, page-39

Spanners, I tried to watch the clip, but all I got was a Winamp screen that didn't play anything.

You are correct that there are a lot of misconceptions about the great depression. For example, prior to Bernanke's research, most economists accepted Milton Friedman's view that it had been caused by the Fed reducing money supply. In contrast, Bernanke found that, at the onset of the slowdown, the private banks responded by raising interest rates and reduced the availability of credit, depressing aggregate demand, creating a downward spiral of deflation.