Sunday, March 8, 2009

FDIC on "60 Minutes"

Here's something that might make you feel better about our financial system. Just watched a story on "60 Minutes" about the what happens when the FDIC takes over a bank. It is good that this story reminds people that no one has ever lost a dollar in an FDIC insured account. Creating the FDIC was perhaps the best thing FDR did during the Depression. Without it, we would surely have had the type of bank runs and panic that helped destroy the economy during the depression.