By Elgin Groseclose
Groseclose is obviously at the conservative aspect of the aisle, and the again of my copy's hide features a blurb attributed to Jesse Helms, April 23, 1979, the place Helms compliments the writer as "A student for whom i've got nice respect..." If that's adequate to show you off to the writer, you then may still most likely follow liberal authors like John Kenneth Galbraith. Galbraith's books resembling a quick historical past of monetary EUPHORIA or cash: WHENCE IT got here, the place IT WENT will likely be higher suited to you. however, if one doesn't take offense to such conservative institutions, then this publication can nonetheless be approached as an invaluable physique of information.
It can be famous that Groseclose is way too professionally informed to rehash one of these cheating claptrap spouted via G. Edward Griffin, Gary Allen, Eustace Mullins, Alex Jones, David Icke and different Right-wing hucksters. instead of portraying the production of the Federal Reserve method in 1913 as a few type of clandestine coup d'etat conducted via the Illuminati/Freemasons/Rockefellers/Rothschilds/lizards or whatever related, Groseclose strains the historical past of the way the predicament of 1907 raised extensive public calls for for a metamorphosis which led after a number of years of back-and-forth political give-and-take to the production of the Fed. Groseclose translates the Crash of 1929 because the results of actual uncertainties out there, instead of anything craftily deliberate via the discovered Elders of Zion.
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Harriman's portion of it. 3. The Lapping at the Dikes T 19 0 7 had opened in Wall Street with the usual consultation of oracles, among them Stuyvesant Fish. Whether or not his views were colored by his late humiliation by Harriman, they reflected a well-founded pessimism that was noted but dismissed by the press and that deserved perhaps more respect than was given it. Fish accused the age of "misfeasance," of "speculative excesses," of monopolism and manipulation, and proclaimed a general distrust of the future.
H. Harriman. It was not until toward midnight that Cortelyou arrived. Meantime, the urgent question was the condition of the Trust Company of America, where a run was expected on the morrow. Its balance sheet indicated that it could meet its obligations, given a breathing spell. The group agreed to advance $13 million. Would the Treasury assist? The Rich Man s Panic 27 Roosevelt was not due back until Thursday, the twenty-fourth. Cortelyou hesitated, but in the end agreed to deposit $25 million of government funds in various New York banks.
It was learned that he had deposited half a million dollars of Illinois Central funds in a trust company of which he was a director, to shore up the trust company's· credit at the expense of the railway; a little later he lent himself a million and a half dollars from railway funds, we may guess to meet Mrs. Fish's extravagances. The loan was theoretically secured, but Harriman, when he learned of it, in order to avoid a scandal, personally lent Fish the money to pay it off. ) Meantime Fish continued to use railway funds to assist other enterprises in which he was interested.