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Marriner Eccles: Father of the Modern Federal Reserve
The Great Depression
Marriner Eccles' experiences during the Great Depression led to an epiphany — rather than relying solely on the free market, Marriner came to believe that in times of economic hardship, the federal government had a responsibility to intervene on behalf of the people, or risk the collapse of democracy and capitalism both.
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56:40
Marriner Eccles shaped the Federal Reserve into the independent institution it is today.