In this new four-part series, the guys take you back in time and discuss the history of the financial systems in the U.S. First up, the Federal Reserve (Fed). Guest Brad Sanders discusses the Gilded Age, which lasted from the 1800s to the 1900s and was widely characterized by prosperity for the wealthy and extreme poverty for the working class.
This led to national panic among citizens and sparked bank runs, which wreaked havoc on a fragile banking system. This all led to the formation of the Fed. Over time, the Fed’s broader responsibilities have changed and impacts us all more significantly.