Fed launches massive bond-buying program
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
The massive bond-buying program that the Fed initiated in May 1932, in which it agreed to buy $26 million worth of bonds a week from its member banks, reached a total of $1.82 billion in Treasury securities holdings.33 The idea was that banks would sell their Treasuries and use the money to pay off their debts.
chapter: Chapter 6: The Early 1930s: Tenuous Times, Tax-Evading Titans