Word: systemic
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Dates: during 1920-1929
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Thanks for recalling to the public the attitude of Charles A. Lindbergh Sr. (my father) upon banking law. He was opposed to the system which has fostered the present great concentration of wealth in the hands of a small per cent of the population. According to the figures of the Federal Trade Commission, 1% of the people own 59% of the wealth, 13% own 90% and 87% own 10%. Half the national income returns to capital...
...Government needed money. They would fall due at income tax dates or other times when the Government expected to be able to pay them off. They would have to be sold below par and the difference between the purchase and redemption values would constitute the interest yield. This system is now used by the British Government and it is believed it might result in considerable interest savings to the U.S. because: 1) bills need be sold only when money is actually required; 2) there would be no chance for error such as the Treasury's offering an issue...
Workmen were last week repairing the ventilating system of the Senate chamber when one of them, by accident, dropped a heavy piece of steel. It fell upon the flat, glass-paneled ceiling of the Senate and went crashing through to the floor. Dismayed, the workmen hurried to see which of the 48 stained-glass State seals in the Senate skylights had been broken. Awestruck, they found that the missle had missed all the State seals, missed also the figures of Peace, Industry, Valor, etc., and had singled out for destruction the great Horn of Plenty from which gifts of flowers...
...speculation, flayed not only the Market but also the newly organized investment trusts, which he called "incorporated stock pools." This banker was Paul Warburg, Board Chairman of International Acceptance, which recently (TIME, Dec. 31) merged with Bank of the Manhattan Co. One of the formulators of the Federal Reserve System, a member of the Federal Reserve Board from 1914 to 1918, Mr. Warburg was eminently qualified to discuss stocks and money...
This evening at 7.15 o'clock, C. R. Snyder, chief statistician for the Federal Reserve Bank of New York, will speak in Baker Library, Room 100, on the Federal Reserve System. All students and officers of the Business School are invited...