Before February 1935, issues of new debt securities had nearly stopped. New...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
Before February 1935, issues of new debt securities had nearly stopped. New Dealers called this “a strike of capital,” with big business holding the economy hostage while demanding less stringent oversight. The Morgan bankers attributed the credit crisis to the Glass-Steagall Act’s separation of securities issuance from deposit-taking businesses.
chapter: Chapter 7: The Mid- to Late 1930s: Policing Wall Street, World War II