Under Young the Fed had not interfered with banks borrowing at the discount...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
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. The New York Fed had acted on Charles Mitchell’s wishes.12 He had pushed harder than anyone for rates to remain low and borrowing to remain cheap before the Crash.
chapter: Chapter 6: The Early 1930s: Tenuous Times, Tax-Evading Titans