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.
Probably c or b to t makes sense
After <span>the Civil War was the “Rise of Industrial America, 1876 – 1900”. A lot of people could barely make ends meat so they had to have their children as young as three years old work which was extremely dangerous and gave little time for education.
Because of those, and many other reasons, Congress had to reform old child labor laws and create new laws. It had to </span><span>enforce a minimum working age and established maximum hours children could work.
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As a muslim, I can positively say that Islam does have the pre-Islamic Arabian influences, such as loose clothing to prevent the body's curves from showing, not consuming alcohol or eating pork of obtaining animal's blood. However, there are practices that are different. Such as believing in one God, not worshipping any idol, object, or person. Believing God have no children or a wife, neither does he have any family. He is one and only, no one is like him. Not talking to a non-marram, or someone who's not your close family such as cousins, uncles, aunts, husband , or wife. Not taking intrest, since that's not your own earned money. Also praying five times a day and fasting in Ramadan. P,u'd giving as much charity as possible. If you have any other questions, feel free to ask.
