Interfering with the process will only deepen and prolong the agony, as happened in the 1930s. The great advantage of the US is its flexible labor markets. Standing aside will see the economy rapidly recover and unemployment turn down again. The 1920-21 crisis is a graphic example of how quickly the market can adjust if left alone to do its work. One particularly bleak spot is America's poor savings rate.
Savings fuel an economy and entrepreneurship drives it.
America has proved time and time again that it has the entrepreneurs, despite the obstacles Washington has placed in their path. What is lacking is the fuel. This is Keynes' dreadful legacy, one that I fear will have the most awful long-run consequences. Some have argued that because the economic landscape was not dotted with unfinished factories, this falsifies Austrian theory. This argument only demonstrates that the author has not understood Austrian capital theory as well as the Austrian explanation for depressions.