OCTOBER 15 1982 – U.S. CONGRESS PASSES GARN - ST. GERMAIN DEPOSITORY INSTITUTIONS ACT

1982 – U.S. CONGRESS PASSES GARN - ST. GERMAIN DEPOSITORY INSTITUTIONS ACT
The act deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. Many believe it contributed to the savings and loan crisis of the late 1980s.

OCTOBER 15 1913 – ADDRESS OF NELSON ALDRICH (FORMER SENATOR OF RHODE ISLAND AND CHAIR OF THE NATIONAL MONETARY COMMISSION) BEFORE THE ACADEMY OF POLITICAL SCIENCE

1913 – ADDRESS OF NELSON ALDRICH (FORMER SENATOR OF RHODE ISLAND AND CHAIR OF THE NATIONAL MONETARY COMMISSION) BEFORE THE ACADEMY OF POLITICAL SCIENCE
In commenting on the proposed bill that would become the Federal Reserve Act passed later in the year, Aldrich said, "If the attempt is successful it will be the first and most important step toward changing our form of government from a democracy to an autocracy. No imperial government in Europe would venture to suggest, much less enact, legislation of this kind.”

OCTOBER 15 1908 – BIRTH OF JOHN KENNETH GALBRAITH, U.S. ECONOMIST

1908 – BIRTH OF JOHN KENNETH GALBRAITH, U.S. ECONOMIST
Two quotes. “The study of money, above all other fields in economics, is one in which complexity is used to disguise or evade truth, not to reveal it.” "The process by which banks create money is so simple that the mind is repelled.”