[temporarely]

We have definitely experienced "boom bust cycles" since the creation of the Federal Reserve. The very first such bust was called the Great Depression.

[taylodl]

We have not. Look at the economic history of the latter half of the 19th century in the US. We haven't experienced those levels and frequency of market swings since the creation of the Federal Reserve. Also, the Great Depression was a world-wide event. That was our first clue that isolationist policy was misguided.