Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: energyplay who wrote (47098)	3/7/2004 3:32:36 AM
From: Ilaine	Read Replies (1) of 74559

Bank of United States, which sounded official but wasn't. It was run by immigrants for immigrants. Failed December 11, 1930. One of Milton Friedman's pet theories. He thought that the other banks would have stepped in to save it but for the fact that the owners were Jews, and that the failure of this bank caused panic and was contagious. phil.frb.org Disputed by Elmus Wicker, who isn't in the same category as Friedman but has devoted more time to the idea. indiana.edu

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