Llewellyn H. Rockwell, Jr. writes, "Take a look at Murray Rothbard's book The Panic of 1819. Here we have America's first big financial panic. The public was going nuts demanding answers. Congressmen proposed this and that. Debates raged in the papers. But government ultimately took no action at all. Sure enough, the panic went away on its own. So it was in 1920 and 1921. The government didn't intervene and voila normalcy returned."
The War on Recession - Llewellyn H. Rockwell, Jr. - Mises Institute