The authors quoted Oliver W. Sprague, a Harvard professor writing in 1908, as stating that "The position of the banks was far from desperate, yet they had already entered the fatal and discreditable path of suspension, paying depositors at their own discretion.
In a remarkable historical parallel to the 2008 crisis, banks in New York during the 1907 crisis "actually conserved cash as a result of their membership in the clearing house and otherwise profited from the extension of cash to the trust companies.
In November 1907, the New York banks obtained as much cash as they remitted elsewhere in the U.S. according to the authors.
Sprague observed, "The New York bankers proved themselves wholly unequal to the duties of their position as the central reserve banks of the country."
Among the "distinguished" economists endorsing the resolutions were Randolph Burgess, vice president of Federal Reserve Bank of New York, member American Bankers Association and director Royal Liverpool Insurance Group (British influence); Oliver Mitchell Wentworth Sprague, Professor of Economics at Harvard, 1913-1941, then president of the American Economic Association, assistant to the Treasury Secretary in the gold seizure year of 1933 and former advisor to the Bank of England; Professor Jules Bogen of New York University; Leonard Ayers, of Cleveland Trust Company and American Bankers Association; Professor Ernest Patterson of University of Pennsylvania; Professor Edwin Kemmerer of Princeton, who was personally associated with Douglas Dillon, Treasury Secretary 1961-1965, who helped take America off silver coins, and also with Wall Streeter Hugh Bullock, a member of the Order of the British Empire; Professor Joseph Schumpeter of Harvard; and Professor James Angell of Columbia Univer
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