The Monetarist Explanation of the Great Depression Emphasizes the Fact

The monetarist explanation of the Great Depression emphasizes the fact that

A) investment and consumption spending collapsed because of negative expectations
B) the economy was basically unstable and could not recover because the government didn't increase spending drastically
C) the Fed pushed interest rates to extremely low levels, which forced the economy into the liquidity trap
D) the Fed didn't do enough to prevent the large number bank failures, which resulted in a huge decline in money supply
E) the Fed failed to establish a strict monetary growth rule early on