(Gusmorino) This fire was fanned by President Coolidge who lowered the federal tax rates of the wealthy. ... It reduced federal income and inheritance taxes dramatically on the richest one percent.... (McElvaine57) In the Collidge administration money and credit were available to industries for investment thanks to pressure on the Federal Reserve Board to keep the discount rate low. In 1927 the Federal Reserve Board's decision to lower rates one half point to 3.5% which it said was needed to stabilize the pound actually meant more money at home for stock speculation.(McElvaine44) T...

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