Quotation of the Day

Jim Powell

“Federal deposit insurance, it should be noted, didn’t stop bank failures.  Banks continued to fail.  Since depositors no longer worried about losing their money, though, there weren’t any more serious bank panics.  A major effect of deposit insurance was to transfer the cost of bank failures from depositors to taxpayers.  The full consequences of federal deposit insurance didn’t become apparent until the 1980s, when bailing out savings and loan associations cost [taxpayers] $519 billion.” ― FDR’s Folly, How Roosevelt and His New Deal Prolonged the Great Depression, Copyright ©2003 by Jim Powell, Published by Crown Forum, New York, NY, Page 57.

About Michael

Retired military officer; retired Air Force civil servant; retired executive, DS Information Systems Corporation; writer; researcher; reader and avid yachtsman.
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