MARCH 6, 1933 – CONGRESS PASSES EMERGENCY BANKING ACT

1933 – CONGRESS PASSES EMERGENCY BANKING ACT
Among its provisions, the Act gave the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States. It authorized the Secretary of the Treasury to order any individual or organization in the United States to deliver any gold that they possess or have custody of to the Treasury in return for paper currency. It also allowed for closing insolvent banks.

MARCH 6, 1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM

1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." In a speech to the Economic Club of New York, 1988
“Do you feel that your ideology pushed you to make decisions that you wish you had not made?”
Mr. Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.”   “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform. NYT, 10/23/2008