10 true/false(@ 1 pt. for 10 total points)

1.Of the cotton market it can be said that buyers were in a panic in 1919 and sellers were in a panic in 1920.

2.Oklahoma Senator Carter Glass helped get the Federal Reserve Act passed.

3.Daniel Guggenheim claimed that western residents of the U.S. were not especially concerned with the problem of deflation and, in fact, saw it as necessary.

4.In a long letter to Fed Governor Harding in late December of 1920, Comptroller Williams argued that the interest rate had to be maintained for at least another six months.

5. A May, 1920 audit of Guaranty Trust found that they had doubtful, slow and impaired loans of some $43 million against only about $16 million in capital.

6.In March of 1921, Williams resigned from his position as Comptroller, but remained a member of the Federal Reserve Board for two more years.

7.Following his unsuccessful run for the presidency in 1920, Franklin Delano Roosevelt took a job as a vice president of a Maryland bank.

8.While it seems quaint, at the least, today, there were plenty of commentators during the depression that remarked on the character-building benefits of unemployment.

9.Fed Governor Harding proclaimed deflation virtually at an end in October of 1920 and by the next summer prices fell by only another 4%.

10.Irving Fisher argued that the "injustice" of inflation was overstated in that many (if not most) debts were being paid back in inflated dollar.

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