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Policy Makers Seek to Learn From 1937's Stalled Comeback

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"The Great Depression was W-shaped," the Journal notes. "The stock-market collapse led to a steep economic decline. But by 1933, the economy had rebounded. Then a series of monetary and fiscal blunders drove the country back into a deep recession at the end of 1937. That episode is at the heart of the debate over how quickly the government and the U.S. Federal Reserve should unwind the emergency measures they have taken to fend off a Depression-like contraction," the newspaper says. Look, say what you want, but a W-shaped recovery is better than an M-shaped recovery.