East Los Angeles College The Fight Against the Banks Discussion

I’m working on a history question and need an explanation and answer to help me learn.

  • First, define President Andrew Jackson’s feelings about the federal government’s economic and financial institutions (i.e., the Bank of the United States). Use historical information and details from the lesson.
  • Second, how did Jackson connect his veto of the Banking Bill to protecting the people? Use the source (his message) in the Materials section.
  • Third, compare Jackson’s feelings to modern-day conservatives’ criticism of the federal government’s involvement in today’s economy and financial institution.
    • Here are some current examples, but you can use anything that relates to the topic.
      • The Federal Reserve (Ron Paul after 2010)
      • Taxing corporations
      • Covid-Relief Bill
      • Infrastructure Bill (easy to compare the 1820s to modern-day)
      • Minimum Wage Increase
      • Progressive Platform (President Biden’s or the liberal wing of the Democratic Party)

Material:

Expectations:

  • Describe the relationship between the federal government and the economy during the 1820s and 1830s. Use historical information and details from the lesson.
  • Knowledge of how banking works and why people distrust the institution.
  • Recognition that banks are essential to the development of the economy (if you want to buy land, a car, etc., you need a bank); however, they tend to over-issue paper currency and inflate prices at the expense of ordinary people.
  • Compare the hatred of banks in the 19th century to today.

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