756 research outputs found
Huntsman Alumni Magazine, Fall 2012
Alumni magazine for the Jon M. Huntsman School of Business at Utah State University.https://digitalcommons.usu.edu/huntsman_magazine/1007/thumbnail.jp
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A.P. Giannini, Marriner Stoddard Eccles, and the Changing Landscape of American Banking
The Great Depression elucidated the shortcomings of the banking system and its control by Wall Street. The creation of the Federal Reserve System in 1913 was insufficient to correct flaws in the banking system until the Banking Acts of 1933 and 1935.
A.P. Giannini, the American-Italian founder of the Bank of America and Mormon Marriner S. Eccles, chairman of Federal Reserve Board (1935-1949), from California and Utah respectively, successfully worked to restrain the power of the eastern banking establishment. The Banking Act of 1935 was the capstone of their cooperation, a bill that placed open market operations in the hands of the Federal Reserve, thus diminishing the power of the New York Reserve. The creation of the Federal Housing Act, as orchestrated by Eccles, became a source of enormous revenue for Giannini. Giannini's wide use of branch banking and mass advertising was his contribution to American banking. Eccles's promotion of compensatory spending and eventual placement of monetary control in the hands of the Federal Reserve Board with Banking Act of 1935 and the Accord of 1951 and Giannini's branch banking diminished the likelihood of another sustained depression.
As the Bank of America grew, and as Eccles became more aggressive in his fight for control of monetary policy, Secretary of State Henry Morgenthau, Jr., became a common enemy to both bankers. Morgenthau caused the Securities and Exchange Commission to launch an investigation of the Bank of America. Later, when Eccles and Giannini were no longer friends, the Board of Governors filed suit under the Clayton Act against Transamerica, a Giannini bank holding company.
By 1945, Giannini's bank was the largest in the world. When John W. Snyder replaced Morgenthau, the "freeze" against Giannini's expansion stopped. Eccles was demoted by Truman but served on the Board of Governors until the Accord of 1951 making the Reserve no longer responsible for supporting the pegged interest rates of government bonds
The Price of Prosperity: Inflation and the Limits of the New Deal Order
This dissertation examines the politics of price inflation in the United States from the 1930s through the onset of the crisis of stagflation in the 1970s. During this period, which encompassed the rise and fall of what historians have called the “New Deal Order,” inflation stood as one of the most contentious economic issues, affecting agricultural, industrial, and financial policymaking. While much scholarly attention has been directed at the resolution of the crisis of stagflation in the late 1970s, few have explored how political struggles over the issue shaped the contours of liberalism in the United States in the preceding decades. By placing inflation at the center of the debate over the character of the New Deal Order, this study seeks to enrich our understanding of the structural tensions that beset that reform effort from the outset. In particular, the dissertation traces the career of a tradition that emerged out of the left of the New Deal and which offered an analysis of inflation that emphasized the importance of corporate power over the investment and price-making functions. Blending older insights from institutional economics with theoretical innovations associated with Keynes, this tradition can be called Institutional Keynesianism. Institutional Keynesianism was born in the early New Deal Department of Agriculture, and its adherents went on to play significant roles elsewhere in the federal government and in the industrial union movement. In contrast to the “commercial Keynesians” who have loomed large in the historiography on twentieth-century U.S. history, the Institutional Keynesians sought to equip macroeconomic theory with empirically sound micro-economic foundations. This attentiveness to economic structure enabled the Institutional Keynesians to identify fundamental contradictions in corporate capitalism, including its tendency towards both price inflation and economic stagnation, and led them to propose broad social democratic reforms. Recovering this forgotten left-liberal tradition can add texture to our understanding of the fate of the New Deal Order, as well as the origins of what displaced it
Journal of Mormon History Vol. 14, 1988
--The Popular History of Early Victorian Britain: A Mormon Contribution
John F. C. Harrison, 3 --Heber J. Grant\u27s European Mission, 1903-1906
Ronald W. Walker, 17 --The Office of Presiding Patriarch: The Primacy Problem
E. Gary Smith, 35 --In Praise of Babylon: Church Leadership at the 1851 Great Exhibition in London
T. Edgar Lyon Jr., 49 --The Ecclesiastical Position of Women in Two Mormon Trajectories
Ian G Barber, 63 --Franklin D. Richards and the British Mission
Richard W. Sadler, 81 --Synoptic Minutes of a Quarterly Conference of the Twelve Apostles: The Clawson and Lund Diaries of July 9-11, 1901
Stan Larson, 9
Marriner S. Eccles, general correspondence, 1951 - 1977: L [15]
Correspondence of Marriner S. Eccles with Claire Booth Luce, discussing the need for the United States to engage with Communist China to draw it out from the influence of Soviet Russia. Includes a 21-page typescript of a commencement address by Luce delivered 9 June 1964 at St. John's University in Jamaica, New York. The speech was entitled "The crisis in Soviet-Chinese relations.
Marriner S. Eccles, correspondence with Senator J. William Fulbright [04]
Correspondence of Marriner S. Eccles with J. William Fulbright, U.S. Senator from Arkansas in 1966. As Fulbright was Chairman of the Senate Foreign Relations Committee, these letters often reflect his and Mr. Eccles's growing concern over U.S. involvement in the Vietnam War. There are also references to the politics of the time, as well as personal notes between two friends. Includes a 9-page typescript of a "Prospectus" for a national conference of Democrats on a "strategy for a reappraisal of American policy in Southeast Asia," to be held in San Francisco in July; and letters exchanged with Gerald N. Hill, President of the California Democratic Council, which hosted the July conference
Speech before the Manhattan Society, New York, February 21, 1938
Typescript (3 pages) of a short talk by Marriner S. Eccles given at the Manhattan Society in New York City on February 21, 1938. The occasion was in honor of Mr. Menc S. Szymczak, a colleague on the Board of Governors of the Federal Reserve System
Letter to Senator Harry F. Byrd from M. S. Eccles, December 22, 1938
Scan of a letter dated 22 December 1938 from Marriner S. Eccles, Chairman of the Board of Governors of the Federal Reserve System, to Virginia Senator Harry F. Bird, responding to the senator's speech on 10 December 1938 that "grossly misrepresented" Eccles's views. The letter was issued as a press release on 23 December 1938
Dedicatory remarks, First Security Building, Salt Lake City, Utah: Monday, August 22, 1955
Scan of a 7-page booklet entitled, "Dedicatory remarks, First Security Building, Salt Lake City, Utah: Monday, August 22, 1955." Includes remarks by George S. Eccles, Marriner S. Eccles, Salt Lake Mayor Earl J. Glade, Utah Governor J. Bracken Lee, and LDS First Counsellor Stephen L. Richards. Accompanied by a letter dated 10 November 1955 by Marriner S. Eccles to Ransom M. Cook, to whom he sent a copy of the booklet
Marriner S. Eccles Christmas and New Year correspondence [14]
Holiday correspondence from 1948 between Marriner S. Eccles and others, including colleagues in the Federal Reserve system and members of the Truman Administration. Correspondents included U.S. Attorney General Tom C. Clark; John H. Fahey; Harold Ickes; Randolph E. Paul; Robert H. Hinckley; and New Zealand Finance Minister Walter Nash
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