Quote by Will Rogers, August 12, 1929
The whole financial structure of Wall Street seems to rise or fall on the mere fact that the Federal Reserve Bank raises or lowers the amount of interest. Any business that can't survive a one percent change must be skating on thin ice.Why even the poor farmer took a raise of another ten percent just to get a loan from the bank, and nobody from the government paid any attention. But you let Wall Street have a nightmare and the whole country has to help to get them back into bed again.
Summary
This quote highlights the influential power of the Federal Reserve Bank on the financial stability of Wall Street and the economy at large. It implies that the actions taken by the Federal Reserve Bank to raise or lower interest rates greatly impact the success or failure of businesses. It also suggests that while even small shifts in interest rates can have significant consequences for businesses, the government often intervenes to aid large financial institutions like Wall Street during times of crisis, demonstrating the unequal distribution of resources and attention.
Topics
Economics
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