The argument over government and the business cycle continues.
Take your pick: More government involvement with fewer but far more serious recessions. Or less government involvement with morre frequent, but less serious recessions.
The problem with government involvement is that it fuels massive bubbles when it gets involved, either by lowering interest rates (then not raising them in time), or by deregulation of usurious business or banking practices.
Do usch bubbles occur naturally? Sure, but they’re rarely as serious. IMHO, the government needs to regulate usury in all its forms, then pay more attention to immigration and the makeup of the population rather than interest rates.
In the government directed economy the reason we have major recessions is the government’s response time. by the time the problem is identified, corrections developed, COORDINATED, and DIRECTED response initiated the nature of the problem has changed. All too often the initial correction will aggravate the issue because workers at the face of the problem have already initiated corrections.
In a nongovernmental directed economy your response cycle is much shorter because you cut out the coordination and direction phases. A shorter response time means more frequent but less extensive depressions.
Bottom line - the depression can not be corrected until every politician has gotten every erg of political energy out of it first.