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Aldrich–Vreeland Act
Bill passed into law May 1908. Created a scheme for preventing banking liquidity crises (such as the Crisis of 1907); also created a commission for massive banking reform. The Aldrich-Vreeland Commission deliberated for three years before sending their plan to Congress.
In 1912, Republicans lost control of Congress and the White House. The Aldrich-Vreeland was modified by Sen. Carter Glass (D-VA), then submitted it to Congress and passed December 1913. This created the Federal Reserve System.
Sen. Glass argued that the Federal Reserve Act of 1913 was totally different from the plan developed by the Republicans. Anna Schwartz and Milton Friedman, in *A Monetary History of the United States, 1867-1960* (1963) explained it was pretty much the same. In any event, the Aldrich-Vreeland Act was one of the most important pieces of legislation ever passed in response to an economic crisis.
In 1912, Republicans lost control of Congress and the White House. The Aldrich-Vreeland was modified by Sen. Carter Glass (D-VA), then submitted it to Congress and passed December 1913. This created the Federal Reserve System.
Sen. Glass argued that the Federal Reserve Act of 1913 was totally different from the plan developed by the Republicans. Anna Schwartz and Milton Friedman, in *A Monetary History of the United States, 1867-1960* (1963) explained it was pretty much the same. In any event, the Aldrich-Vreeland Act was one of the most important pieces of legislation ever passed in response to an economic crisis.
MARC: Wow! Glenn Beck says that Woodrow Wilson was actually a crypto-communist.
BILL: Sorry, that's silly.
MARC: Well, didn't he create the Federal Reserve Bank? That's socialistic, isn't it.
BILL: Uh, it was designed during the Administration of William Howard Taft, Marc. Ever heard of the Aldrich–Vreeland Act?
MARC: President Taft? I had no idea he was a Communist too!
BILL: Sorry, that's silly.
MARC: Well, didn't he create the Federal Reserve Bank? That's socialistic, isn't it.
BILL: Uh, it was designed during the Administration of William Howard Taft, Marc. Ever heard of the Aldrich–Vreeland Act?
MARC: President Taft? I had no idea he was a Communist too!
Aldrich–Vreeland Act by Abu Yahya April 5, 2010
Related Words
vreeti
I wish my girlfriend was vreeti.
veeling
vaeelin
He is such a vaeelin!
Vreelodactyl
Naturally ballin', extremely cool and timid, until provoked then a fierce predator who stalks the eastern seaboard. Can be found in Connecticut and Massachusetts mainly.
Vreelodactyl by Ev_Nasty21 December 8, 2010
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Boffin
British slang for a scientist or technical expert, esp . when the speaker is not certain of the expert’s specific field of study. Not necessarily derogatory, but typically used by persons without a technical background. In the US, the equivalent would be “egghead”, “squint”, or “geek.”
Origin of the word is unknown. Started sometime in World War 2. Given the typical evolution of British slang, could easily have started because what these experts did was confusing or “baffling” to the common person.
Origin of the word is unknown. Started sometime in World War 2. Given the typical evolution of British slang, could easily have started because what these experts did was confusing or “baffling” to the common person.