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14 Nov 2011, 9:06 am
The Pecora Moment created the political support that allowed FDR’s administration to hold Congress in session in order to pass laws that the bankers opposed, like the Securities Act of 1933, the Glass-Steagall Act of 1933, the Securities Exchange Act of 1934, creation of the FDIC, Tennessee Valley Authority, et al, all of which were designed to prevent the abuses brought to light by Ferdinand Pecora. [read post]
