Quote:
Originally Posted by Excaliber
Emergency Banking Act
I had to chuckle as I was reading about this. It seem's that following the 1929 economic collapse a major party shift took place. "Vote the bum's out" meant about a 100 new Democrat's came into office to replace them.  The Emergency Banking Act was considered so crucial so time sensitive that it was passed with a single copy available to read on the floor. Almost nobody actually read it, the Dem's easily pushed it through.
The result? Turned out to be THE ticket to saving the banks, who woulda thunk it? Government took control of the economy BIG TIME. I imagine the talk about "socialism" was THE major topic of the day.
History repeating,,,
|
The reason they need the 1933 act is because Hoover screwed up the first banking reform act in, I think, 1932, a loan program ( RFC ) meant to help struggling banks and actually incresed their failure rate.
Congress then passed the 1933 act which for the most part granted banks free money in exchange for stock. It worked somewhat - Duh.
http://ccdl.libraries.claremont.edu/...R=56&CISOBOX=1
The real underlying problem is the lack of holding people accountable for their major screw-ups, both then and now, not having the power to liquidate their personal assets. You wouldn't need many of the laws regulating business if people were truly held accountable for all of their actions. Congress screwed the economy royally with their (our) legal system.