For at least ten and one-half years, the Federal Reserve has been underwriting the US economic recovery and has constantly stated that its monetary policy during this time period would always err on the side of too much monetary ease.
During this period of economic recovery, especially during the earlier years, Federal Reserve officials have almost been apoplectic about the possibility that another event, like the 1937-38 depression, which followed the Great Depression of 1929-33, might occur following the recovery from the Great Recession of 2007-09.
Previous to the 1937-38 depression, the US banking system