https://padlet.com/hayneswt/9fn0n336sgynxoj8 en-us 2023-09-22 17:10:12 UTC 2023-09-22 18:04:28 UTC hello@padlet.com hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716661806 Was the creation of the US bank.]]> 2023-09-22 17:11:28 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716661806 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662145 Congress refused to renew the US bank charter, so the number of state owned banks increased.]]> 2023-09-22 17:11:48 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662145 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662286 Creation of the second US bank. However, many thought that it favored the rich. ]]> 2023-09-22 17:11:56 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662286 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662405 President Jackson didnt renew the second US bank because it was biased towards the wealthy, so he reinvested its money into smaller state banks.]]> 2023-09-22 17:12:03 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662405 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662538 These state banks were careless and gave out risky loans, so before long an economic crisis occured.]]> 2023-09-22 17:12:09 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662538 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662679 US civil war happened, and both sides created unique currencies. The north used greenbacks, which were a fiat currency. Many people were worried about how it would work. On the other hand, the confederate banks failed because of the rapid production of money. 

The government had now set up a new National bank.]]> 2023-09-22 17:12:18 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662679 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662824 US inacted the gold standard act so that money would become more trustworthy, and it could prevent rapid inflation by having a standard.]]> 2023-09-22 17:12:26 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662824 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662955 People started losing trust in banks after they gave out too many loans. Eventaully, the banks didnt have enough cash to pay investors.]]> 2023-09-22 17:12:34 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716662955 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663088 Created National Monetary Commision to help prevent the Bank run from occuring again.]]> 2023-09-22 17:12:42 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663088 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663179 Created the first true central bank. All banks must meet requirements set up by the Fed Res. System.

Also created the Federal Reserve Notes, which is also the same currency that we use today.]]> 2023-09-22 17:12:48 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663179 hayneswt https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663266 Created the 250000 dollar rule for bank failure, and created more inspections after the depression.]]> 2023-09-22 17:12:53 UTC https://padlet.com/hayneswt/9fn0n336sgynxoj8/wish/2716663266