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Essay / Research Paper Abstract
This 6-page paper focuses on the Panic of 1907, which led to the creation of the Federal Reserve. The paper also includes a discussion on how the Financial Crisis of 2008 compares to the 1907 Panic. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTbankpani.rtf
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Unformatted sample text from the term paper:
try to regulate the supply of money. Furthermore, following the Great Depression of the 1930s, the Fed became responsible for ensuring the supply of money.
But the Fed hasnt always been around - rather, it was a 20th century innovation that was the direct result of the Panic of 1907, during which
runs on banks cause a huge financial crisis. The Federal Reserve Act was passed in 1913 to try to give the still-young United States a central banking system that offered
at least a modicum of financial stability. Though the Federal Reserve Act was a result of the frequent and ongoing financial panics
of the early 20th century, the birth of this organization was actually in the founding of the first and second banks of the United States, both of which were chartered
in the late 18th and early 19th centuries (Moen and Tallman, 2003). Though the Bank of North America (the first bank) was created to help pull the federal government back
from bankruptcy at the time, it never really became the central bank, but survived up until 1929, when it was bought out by the Philadelphia Company for Insurance on Lives
and Granting Annuities (Moen and Tallman, 2003). Still, the bank, during its infancy, created storms of controversy, as those in politics felt that an entity like a central bank would
wield too much power (Moen and Tallman, 2003). The Second Bank of the United States, chartered in 1816, created controversy (as did the First Bank, for other reasons), because of
agrarian interests in the south and west that became angry when the bank discontinued making long-term agricultural loans in those regions (Moen and Tallman, 2003). At the time, there also
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