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Date Posted: 18:42:55 02/12/03 Wed
Author: cassie
Subject: ch26Currency,Bank & the Stock Market

Currency,Bank& the Stock Market
-Roosvelt came to consider gold standard as a obstacle to retoration of adequate prices
-April 18,1933 president made the shift off gold standard offical
-by itself the repudition of gold standard meant relatively little
-gov. played around w/ way to manipulating the value of the dollar
-so they bought substaintial of gold & silver
-which est. new fixed standards for the dollar
-gov.-managed currency:the dollar value could be raised or lowered by the gov.
-they did this by economic circumstances
-this permantly changed relationships between public& private sectors
-though no impact on American economy @ the time
*Glass-Steagall Act
-gave gov. authority to curb irresponsible sepeculators by banks
-also est. the Federal Deposit Insurance Corporation
-which had all banks deposit up to $2,000
-so if banks failed small depositors would be able to recover their money
-another bank act was to give much authority to Federal Reserve Board then to Federal Reserve banks
*Securities Act
-to protect investors in the stock market
-it required corporations to issue new securities & to provide accurate information about them to public
*SEC
-Securities & Exchanged Commission
-this act was to police the stock market
-this showed how the financial est. had fallen in publics eye
-the trials of once-respected Wall Street figures eroded publics stature on the financial community

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