Sowell on the Recession

Once again Thomas Sowell focusses in on the cause of the 30's depression in this brief article, here.  All the alphabet programs and bureaucracies put in place by Hoover and mostly FDR were colossal  failures in that the their only accomplishment was to create unemployment by distorting the economy.  It would be helpful if the Obama administration understood this point, however if it did, much of its underlying philosophy of governance would disappear.