Jul

15

FDIC 75 years of History

July 15, 2008 |

Bair from the FDIC said:

“No insured depositor has ever lost a penny of insured deposits throughout the FDIC’s 75-year history.”

Perfectly true, but there is something missing in this statement:

  • The FDIC was created after the Great Depression.
  • The FDIC was created, in part, to prevent a Great Depression.

With the Fannie and Freddie falling apart also, I am not sure right now if the institutions that helped us get out of the Great Depression will prevent the next one, or will cause it.

Today is a day of doom and gloom even for me.

Tomorrow, will be another day.


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