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History, 13.11.2019 01:31 cilicia123345
The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the american public finally became convinced that the federal reserve system had failed to serve as a lender of last resort. the first bank of the united states had failed to serve as a lender of last resort. a central bank was needed to prevent future panics. the second bank of the united states had failed to serve as a lender of last resort.
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