The author included the information about 1920 and 1925 because that was the time the U.S economy expanded rapidly, The Roaring Twenties. Until 1925 there wasn’t legal requirement to separate the operations of commercial and investment banks, the investment banking was consisted of <em>JP Morgan & Co, Kuhn, Loeb & Co, Brown Brothers and Kindder, Peabody & Co</em>. Their funds could be used to fund the underwriting business of the investment baking side.
In 1929 everyone was putting their savings into stocks, not only the wealth part but the poor part too and because of that the stock market reached the peak in August 1929. But than the production declined causing unemployment and with that the stock prices were much higher than their actual value. The economy was struggling, the debt was rising and the banks had and excess of large loans that couldn’t be liquidated.
In the 1930s over 9,000 banks failed because people didn’t trusted them to put their saving. The Great Depression the official unemployment rate was 25% and the stock marked declined 75% since 1929. But in 1933 now with Rooselvet’s administration he took immediate action about the economic woes first announcing that all banks would close, Bank Holiday. The Congress would pass reform legislation and reopen the banks. In “<em>first 100 days</em>” Roosevelt’s administration stabilized the industrial and agricultural production and created jobs and also created the Federal Deposit Insurance Corporation (FDIC) to protect depositors’ accounts and the Securities and Exchange Commission (SEC) to regulate the stock market and prevent what happened in 1929.
The big change between the crises in the 20s and 30s were all about who was in charge, President Hebert Hoover didn’t take much lead about the crises but Roosevelt did.
Answer:
They did not want to pay higher prices for agricultural products. Even though the policy of destroying food was not widely accepted, the major criticism came when the prices of farm products (from bread to cotton shirts) increased up to 50%.
Explanation:
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The western empire had lost most of its political, religious, and economic power
Because they managed to lost the power to use their original language and replaced by another
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Answer: Robbing. Burglary.
Explanation:
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Right answer:
a. They wanted to purify the Church of England.
Explanation:
The Puritans did not formally seek to separate from the Church of England nor repudiate it. They critized its practices and ceremonies as too similar to those of the Catholic Church and asked to get rid of any rituals not found in the Bible. They were a religious reform movement in the late 16th century. Under pressure from the church and the crown , they departed for the New World to found colonies there.
