Harry Reid and others were also at the epicenter of many bad policies. When is it time to throw the trash to the curb?? For me, it can never be soon enough:
Born in Logan, Utah to David and Ellen (Stoddard) Eccles, he was educated at public schools of Baker, Oregon and attended Brigham Young College and served a Latter-day Saint mission to Scotland. After his mission, while working in a family enterprise in Blacksmith Fork Canyon, he learned of the untimely death of his father, David Eccles. With great skill and tenacity, he was able to reorganize and consolidate the assets of his father's industrial conglomerate and banking network. Eccles expanded the banking interests into a large western chain of banks called Eccles-Browning Affiliated Banks. He was a millionaire by age 22. The company withstood several bank runs during the Great Depression and, as a leading banker, Eccles became involved with the creation of the Emergency Banking Act of 1933 and the Federal Deposit Insurance Corporation. After a brief stint at the Treasury Department and with the support of treasury secretary Henry Morgenthau, Jr., Eccles was appointed by President Roosevelt as the Chairman of the Federal Reserve. Eccles was reappointed chair in 1936, 1940, and 1944 and served until 1948.[4] In February 1944, Roosevelt appointed Eccles for another 14-year term on the board and Eccles stayed on the board until 1951, when he resigned a few months after the 1951 Accord.[2] Eccles had also participated in post-World War II Bretton Woods negotiations that created the World Bank and International Monetary Fund.
Eccles retired to Utah in 1951 to run his companies and write his memoirs, titled Beckoning Frontiers: Public and Personal Recollections. He further consolidated industrial and family assets, finally organizing a series of foundations representing assets that he had managed for various family members. These foundations have served Utah and the Intermountain West in support of educational, artistic, humanitarian, and scientific activities. He died in Salt Lake City, Utah in 1977 and was entombed in the Larkin Sunset Lawn Mausoleum.
Legacy[edit]Eccles was and is seen as an early proponent of demand stimulus projects to fend off the ravages of the Great Depression. Eccles was famously rebuked by Congresswoman Jessie Sumner (R, IL) during a House of Representatives hearing on the increasingly liberal policies of the Roosevelt administration and the Federal Reserve, when she said, "you just love socialism."[5]
Funny how so many look at him as a hero. I was reading about him from an article in the newspaper from that era and they all felt he saved the day and the economy. ugh
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