Herman, Arthur. Flexibility's Forge: How American Organization Produced Victory in World War II, pp. 74, 2078, 278, Random Home, New York, NY. 978-1-4000-6964-4. 164 F. 2d 281 (7th Cir. 1947) US Government Manual 2012 p. 595 Herman, Arthur. Flexibility's Forge: How American Business Produced Triumph in World War II, pp. 734, 100, 210, 255, Random House, New York, NY, 2012. 978-1-4000-6964-4. Morris, Rob (2012 ). The Wild Blue Yonder and Beyond: The 95th Bomb Group in War and Peace. Washington, D.C.: Potomac Books. p. 311. "Woman with a Past". New York: Macmillan Publishing Business. 1974. Recovered October 27, 2018. " Reconstruction Finance Corporation".
Encyclopedia. com. 2008. Recovered October 9, 2010. Whitten, Jamie L. (March 19, 1991). " H.R. 1462, Restoration Financing Corporation Act of 1991". Library of Congress. Obtained June 29, 2012. Barber, William J. (1985 ). From New Era to New Offer: Herbert Hoover, the Financial Experts, and American Economic Policy, 19211933. Cambridge: Cambridge University Press. ISBN 9780521305266. Butkiewicz, James L. (April 1995). "The Effect of a Lending Institution of Last Option During the Great Depression: the Case of the Restoration Financing Corporation". Explorations in Economic History. 32 (2 ): 197216. doi:10. 1006/exeh. 1995.1007. ISSN 0014-4983. Butkiewicz, James (July 19, 2002). "Reconstruction Finance Corporation". In Whaples, Robert (ed.).
Recovered August 5, 2009. Folson, Burton (November 30, 2011). "The First Government Bailouts: The Story of the RFC". Retrieved March 16, 2014. Gou, Michale; Richardson, Gary; Komai, Alejandro; Daniel, Daniel (November 22, 2013). "Banking Acts of 1932 A comprehensive essay on a crucial event in the history of the Federal Reserve". Archived from the original on October 29, 2013. The trend in campaign finance law over time has been toward which the following?. Recovered March 16, 2014. Jones, Jesse H.; Pforzheimer, Carl H. (1951 ). New York: Macmillan. OCLC 233209. in-depth narrative by long time chairman Koistinen, Paul A. C. (2004 ). Toolbox of The Second World War: The Political Economy of American Warfare, 19401945. Lawrence, KS: University Press of Kansas.
demonstrate how RFC funded numerous war plants Mason, Joseph R. (April 2003). "The Political Economy of Reconstruction Finance Corporation Support Throughout the Great Depression". Explorations in Economic History. 40 (2 ): 101121. doi:10. 1016/S0014 -4983( 03 )00013-5. ISSN 0014-4983. Nash, Gerald D. (December 1959). "Herbert Hoover and the Origins of the Reconstruction Financing Corporation". The Mississippi Valley Historical Review. 46 (3 ): 455468. doi:10. 2307/1892269. ISSN 0161-391X. JSTOR 1892269. Olson, James S. (1977 ). Herbert Hoover and the Reconstruction Finance Corporation, 19311933 (1st ed.). Ames, IA: Iowa State University Press. ISBN 9780813808802. Olson, James S. (1988 ). Saving Commercialism: The Reconstruction Finance Corporation and the New Offer, 19331940.
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The Reconstruction Finance Corporation (RFC) was developed during the Hoover administration with the main goal of offering liquidity to, and restoring confidence in the banking system. The banking system experienced extensive pressure during the economic contraction of 1929-1933. Throughout the contraction period, lots of banks had to suspend service operations and most of these eventually stopped working. A number of these suspensions happened throughout banking panics, when great deals of depositors hurried to convert their deposits to cash from fear their bank might fail. Considering that this duration was prior to the facility of federal deposit insurance, bank depositors lost part or all of their deposits when their bank failed.
During President Roosevelt's New Deal, the RFC's powers were expanded significantly. At numerous times, the RFC acquired bank preferred stock, made loans to help agriculture, housing, exports, service, governments, and for disaster relief, and even purchased gold at the President's direction in order to change the marketplace cost of gold. The scope of RFC activities was expanded further right away before and during The Second World War. The RFC developed or purchased, and funded, eight corporations that made crucial contributions to the war effort. After the war, the RFC's activities were restricted mainly to making loans to business. RFC loaning ended in 1953, and the corporation stopped operations in 1957, when all remaining possessions were moved to other government companies.
During this duration, the American banking system was comprised of a large variety of banks. At the end of December 1929, there were 24,633 banks in the United States. The vast bulk of these banks were small, serving little towns and rural neighborhoods. These small banks were particularly susceptible to local economic problems, which might lead to failure of the bank. The Federal Reserve System was developed in 1913 to address the problem of periodic banking crises. The Fed had the capability to act as a lender of last hope, offering funds to banks during crises. While nationally chartered banks were needed to join the Fed, state-chartered banks could join the Fed at their discretion.
Most of the small banks in rural neighborhoods were not Fed members. Hence, during crises, these banks were unable to seek help from the Fed, and the Fed felt no obligation to engage in a general growth of credit to assist nonmember banks. At this time there was no federal deposit insurance system, so bank website clients generally lost part or all of their deposits when their bank stopped working. Worry of failure in some cases triggered people to panic. In a panic, bank customers try to immediately withdraw their funds. While banks hold sufficient money for typical operations, they use the majority of their deposited funds to make loans and purchase interest-earning possessions.
Regularly, they are required to offer properties Go here at a loss to acquire money quickly, or may be not able to sell assets at all. As losses accumulate, or cash reserves decrease, a bank ends up being not able to pay all depositors, and must suspend operations. During this period, many banks that suspended operations stated insolvency. Bank suspensions and weslet failures may prompt panic in adjacent neighborhoods or regions. This spread of panic, or contagion, can lead to a big number of bank failures. Not only do clients lose some or all of their deposits, however likewise individuals end up being cautious of banks in general. A prevalent withdrawal of bank deposits reduces the amount of money and credit in society.
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Bank failures were a typical event throughout the 1920s. In any year, it was regular for several hundred banks to stop working. In 1930, the number of failures increased considerably. Failures and contagious panics took place consistently throughout the contraction years. President Hoover recognized that the banking system required assistance. However, the President also thought that this support, like charity, must originate from the economic sector rather than the federal government, if at all possible. To this end, Hoover encouraged a number of major banks to form the National Credit Corporation (NCC), to lend cash to other banks experiencing problems. The NCC was announced on October 13, 1931, and started operations on November 11, 1931.