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Terms in this set (34)
1. "They [greenbacks] were legal tender by law but were not backed by (A) , only the (B).
1. "The Lincoln administration sought loans from (A) , mostly in (B) . The banks demanded very high-interest rates of 24 to 36 percent. Lincoln refused to borrow on such terms and called for (C)."
A. Major banks
B. New York City
C. other solutions
1. "an Illinois businessman . . . met with Lincoln in January 1862 and suggested (A)."
Colonel "Dick" Taylor who was serving as a volunteer officer
"Issuing (A) was not an idea that Lincoln really liked, but there was mounting pressure in Congress to do something. The government could either (B) or go into deep perpetual debt to (C) That made President Lincoln quickly endorse Taylor's proposal."
A. unbacked paper money
B. print its own money
C. foreign creditors
Who appears on the first greenbacks more than any other person?
"This global financial crisis inspired the (A) reform movement and led to the creation of the (B)."
B. Federal Reserve System
What was the name of the global financial crisis?
The panic of 1907
"The Panic of (A) had many elements in common with the financial crisis of (B) . Both crises started among (C) and both affected the economy of the (D) and the (E). Examining the sequence of events in 1907 makes the parallels clear."
C. New York City financial institutions and markets
D. United States
E. rest of the world
"A (A) gathering at a secluded island off the coast of Georgia in 1910 laid the foundations for the (B)."
B. Federal Reserve System
"The meeting and its purpose were closely (A), and participants did not (B) that the meeting occurred until the (C). But the plan written on Jekyll Island laid a foundation for what would eventually be the (D)."
A. guarded secrets
D. Federal Reserve System
Which member of the exclusive Jekyll Island Club, most likely arranged for the group to use the club's facilities?
Fill in the blanks from this quote: Munsey's Magazine described it in 1904 as "the (A) , the most (B), the most (C) club in the world."
"So he went to great lengths to keep the meeting (A), adopting the ruse of a duck hunting trip and instructing the men to come one at a time to a train terminal in New Jersey, where they could board his private train car. Once aboard, the men used only first names - Nelson, Harry, Frank, Paul, Piatt, and Arthur - to prevent the staff from learning (B). For decades after, the group referred to themselves as the (C)."
B. their identities
C. "First Name Club"
"[Senator] Aldrich and his colleagues quickly realized that while they agreed on . . . establishing an (A) supplied by a bank."
A. Some broad principles
"[Senator] Aldrich presented it [the Federal Reserve Plan] to the National Monetary Commission in January 1911 without telling the commission members (A)."
A. how the plan developed
"In a letter accompanying the report, the Commission said it had created an institution (A) in its method, and (B) in its control." But many people, especially Democrats, objected to the version of (C) it presented, which could have allowed the largest banks to exert outsized (D) on the central bank's leadership."
"In 1914, Edwin Seligman, a prominent professor at Columbia University, wrote that "in its fundamental features the Federal Reserve Act is the work of Mr. (A) more than of any other man."
Fill in the blanks from this quote: "Since the bankers were financing all three (A), they would win regardless (B)."
B. of the outcome
"The result was that a Democratic Congress and a Democratic President were elected in 1912 to get (A) passed."
A. the central bank legislation
"from the secret conference at Jekyll Island to the identical "reform" plans proposed by the (A) and (B) parties under different (C)."
Which party proposed Senator Nelson Aldrich's plan: "National Reserve Association"?
The Republican Party
Which party proposed the Owen-Glass Bill (Representative Carter Glass of Virginia, and Senator Robert L. Owen of Oklahoma): that led to the "Federal Reserve Act" ?
The Democratic Party
"much of the influence exerted to get the Federal Reserve Act passed was done (A), principally by two shadowy, non-elected persons: The German immigrant, (B), and (C) of Texas."
A. behind the scenes
B. Paul Warburg
C. Colonel Edward Mandell House
"The Glass Bill (the House version of the final Federal Reserve Act) had passed the House on September 18, 1913 by (A). On December 19, 1913, the Senate passed their version by a vote of (B). More than forty important differences in the House and Senate versions remained to be settled, and the opponents of the bill in both houses of Congress were led to believe that (C) would yet elapse before the Conference bill would be ready for consideration."
A. 287 to 85
C. many weeks
"The Congressmen prepared to leave Washington for the annual (A), assured that the Conference bill would not be brought up until the (B)."
A. Christmas recess
B. following year
"On Monday, (A), the bill was passed by the House (B) and the Senate (C)."
A. December 22, 1913
How fewer representatives were in the House on the 2nd vote?
How fewer senators were in the Senate on the 2nd vote?
"Congress created Federal Reserve notes to provide the nation with (A)." The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public.
A. An elastic supply of currency
"Opposition was based on protectionist sentiment; a central bank would serve a handful of (A) . . . and could destabilize the economy through (B) and inflation (C)."
A. financiers at the expense of small producers, businesses, farmers and consumers
"Proponents argued that a strong banking system could provide enough (A) for a growing economy and avoid (B)."
B. economic depressions
Chair of the Federal Reserve of the United States from 1987 to 2006
On a day that brought more bad news about rising home foreclosures and slumping employment, Mr. Greenspan refused to accept blame for the crisis but acknowledged that his belief in deregulation had been shaken.
Mr. Waxman noted that the Fed chairman had been one of the nation's leading voices for deregulation, displaying past statements in which Mr. Greenspan had argued that government regulators were no better than markets at imposing discipline.
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