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View Full Version : Esch-Cummins Act of 1920



europegoodold
01-23-2013, 04:51 AM
The precedent for what Congress shall do with Fannie and Freddie:

http://en.wikipedia.org/wiki/Esch%E2%80%93Cummins_Act

American railroads were effectively nationalized January 1, 1918 to meet the requirements during times of war.

Effective March 1, 1920 the companies were given back to their shareholders.

During the discussion in Congress, the "Plumb bill", promoted by Glenn E.Plump...

http://query.nytimes.com/gst/abstract.html?res=F30B17F7395D1A7A93C0A91783D85F46 8285F9

...was asking for socialistic measures; the intention was to screw shareholders by sharing the loot between government and workers. That plan failed.

Congress refused to implement socialism in 1920 - now what about 2013?