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Politics : Foreign Affairs Discussion Group
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To: maceng2 who wrote (43311)9/11/2002 8:12:45 PM
From: Ilaine  Read Replies (1) of 281500
 
Hi Pearly - you're on a roll with the whackos.

Congressman McFadden was the author of the 1927 McFadden Act, which prohibited interstate banking. I have only a dim idea what you have in England, counties, right? Prohibiting interstate banking made as much sense as the Brits prohibiting a bank from having branch offices in more than one county. It acted as life support for inefficient banks that were technically insolvent, keeping them going a few more years until the Great Depression did them in. Almost 4000 banks failed in 1933. The McFadden Act shared a large part of the blame.

McFadden, of course, did not see it that way. He hated interstate banking for the same reasons he hated international banking. He thought the international bankers were conspiring to destroy the common man. He was a hard money man, too.

Hard money men have had a rough go for decades, but they never seem to give up.
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