Commercial Banks & Underwriting Securities
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From the Paper:"Commercial Banks and Underwriting Securities
Historically, banks in the US were relatively unregulated and control was exercised mainly by the states (Trescott, 1963). In contrast, in Europe and other developed lands, banking has been relatively centralized and controlled by the national government and/or was not a stable business, making big profits in boom times through speculation in land and industry, but often going bankrupt in recessions when "financial panics" force the calling in of loans because uneasy depositors wanted or needed to convert their savings into cash. The result invariably was a large contraction of the US money supply in the aggregate, which exacerbated any economic recession. Rural, small institutions, called "wildcat banks," were.."
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Commercial Banks & Underwriting Securities (2003, March 02) Retrieved January 20, 2021, from https://www.academon.com/essay/commercial-banks-underwriting-securities-20763/
"Commercial Banks & Underwriting Securities" 02 March 2003. Web. 20 January. 2021. <https://www.academon.com/essay/commercial-banks-underwriting-securities-20763/>