In 1928, Coolidge had stated that stock market speculation should not cause...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
In 1928, Coolidge had stated that stock market speculation should not cause alarm, which dovetailed with Young’s policies of leaving the banks alone. Under Young the Fed had not interfered with banks borrowing at the discount window at rates near 6 percent and lending those funds at rates near 12 percent in 1929, providing lots of incentive for them to make speculative loans.
chapter: Chapter 6: The Early 1930s: Tenuous Times, Tax-Evading Titans