The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Speculation and Brokers' Loans

Collection:: Economics Books

Speculation and Brokers’ Loans 23% expanding prosperity, while keeping the rate artifi- cially low served to stimulate speculation instead of checking it. People were borrowing at low rates in order to make high rates in expanding business. Even had business been hurt by the proposed higher rate, there would have been but a few months of business recession followed by easier money condi- tions, and the panic, with its untoward results involy- ing far greater damage, would have been averted. In his recent address before the Academy of Political Science in New York. Dr. Benjamin Haggott Beck- hart notes: “The management and direction of our banking system in the past few years leaves much to be desired. The Reserve Banks have failed to develop a philosophy of credit control, due in part no doubt to the division of counsel within the system. Com- mercial banks, largely by virtue of extraneous circum- stances over which they had no control, but partly volitionally, have greatly increased their holdings of bonds and security loans, whose ‘liquidity’ depends on a rising or at least stable security market.” In the same vein Mr. Benjamin M. Anderson, Jr., economist of the Chase National Bank of New York, characterized as unfortunate the “cheap money policy” of the Federal Reserve Board in his address December 30, 1929, before the American Eco- nomic Association in Washington. Mr. Anderson declared that the ideal situation would have been a rediscount rate above the market, buttressed bv the

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