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Sovereignty and an Empty Purse: Banks and Politics in the Civil War (Princeton University Press. 1970). Klebaner, Benjamin J. American Commercial Banking: A History (Twayne, 1990). online; Mason, David L. From Buildings and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1995 (Cambridge University Press, 2004).
In the 1960s, the first automated teller machines (ATM) or cash machines were developed and first machines started to appear by the end of the decade. [202] Banks started to become heavy investors in computer technology to automate much of the manual processing, which began a shift by banks from large clerical staffs to new automated systems.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
The swinging 1960s could help to unpack a key puzzle of our current era: America's funky economic mood. ... While many cheered on the social changes happening in both eras, it also led to fretful ...
While most countries have only one bank regulator, in the U.S., banking is regulated at both the federal and state levels [5] in an arrangement known as a dual banking system. [6] Depending on its type of charter and organizational structure, a banking organization may be subject to numerous federal and state banking regulations.
The Second Bank of the U.S. had also maintained some control over other banks, but in its absence banks were only under state regulation. [118] One of the main problems with banks was over-issuance of banknotes. These were redeemable in specie (gold or silver) upon presentation to the chief cashier of the bank.
Numerous banks that were started during this period ultimately proved to be unstable. [6] In many Western states, the banking industry degenerated into "wildcat" banking because of the laxity and abuse of state laws. Bank notes were issued against little or no security, and credit was over extended; depressions brought waves of bank failures.
The second problem was that the system created seasonal liquidity spikes. A rural bank had deposit accounts at a larger bank, that it withdrew from when the need for funds was highest, e.g., in the planting season. [11] These liquidity crises led to bank runs, causing severe disruptions and depressions.