12-31-2009, 01:49 PM
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Senior Club Cobra Member
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Join Date: Jul 2002
Cobra Make, Engine:
Posts: 15,712
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Not Ranked
Dems pass BIG reform in 1933
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,,,
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