Actually in the 30s we did exactly what we're doing now, deflating our currency, passing a bunch of legislation to prevent competition, disallowing people from holding solid investments, paying people to be unproductive, a massive expansion of government predicated upon a weird interpretation of the commerce clause, and surprise surprise, it's having the same effect it did in the 30s.

Keep in mind that the economy 'failed' in 28, but it wasn't until FDR that things really got bad.