"The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank..." — Ben Bernanke

Many foreclosed homes are neglected or abandoned, as legal proceedings or other factors delay their resale. Deteriorating or vacant properties can, in turn, directly affect the quality of life in a neighborhood, for example, by leading to increases in vandalism or crime.

The Fed's independence is critical.

Well, the U.S., of course, is the world's largest economy. It's about a quarter of the world's output. It's also home to many of the largest financial institutions and financial markets.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.