Modern Economy 1919-1930. Significant developments. Increase in the size and functions of government Result of populist movement is increase in regulation Antitrust Regulation of natural monopolies Grain elevators Railroads, ICC Electricity and Gas. Income tax is established in 1913
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Automobiles and other consumer durables are booming, table shows percent of families with
President Hoover and members of Federal Reserve felt stock price increase was a bubble
The board has no disposition to assume authority to interfere with the loan practices of member banks so long as they do not involve the Federal reserve banks. It has, however, a grave responsibility whenever there is evidence that member banks are maintaining speculative security loans with the aid of Federal reserve credit. When such is the case the Federal reserve bank becomes either a contributing or a sustaining factor in the current volume of speculative security credit. This is not in harmony with the intent of the Federal Reserve Act, nor is it conducive to the wholesome operation of the banking and credit system of the country. (Board of Governors of the Federal Reserve 1929: 93–94, quoted from Cecchetti, 1998)