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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.
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.
How the economy shaped the 1960s — and our current era. The economy of the 1960s shaped that decade's highs and lows to an extent that is perhaps underappreciated today and also echoes current ...
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).
Panic of 1819, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle; Panic of 1825, a pervasive British recession in which many banks failed, nearly including the Bank of England; Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression; Panic of 1847, United Kingdom
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.
Panic of 1873: pervasive USA economic recession with bank failures, known then as the 5 year Great Depression and now as the Long Depression. Panic of 1884: a panic in the United States centred on New York banks. Panic of 1890: aka Baring Crisis; near-failure of a major London bank led to corresponding South American financial crises.
These liquidity crises led to bank runs, causing severe disruptions and depressions. The Panic of 1907 was one of the worst panics in US history. [12] The resulting hearings led to creating a lender of last resort. [13] National banks issued National Bank Notes as currency. Because they were uniformly backed by US government debt, they ...