Jul
15
FDIC 75 years of History
July 15, 2008 | Comments Off
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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