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Even taking everything you say at face value, the world economy grew massively without the need for federal deposit insurance, and there were plenty of banks th
by hammock 4y ago
Even taking everything you say at face value, the world economy grew massively without the need for federal deposit insurance, and there were plenty of banks then too- real banks. They were just banks without federal deposit insurance
- lmm 4y agoSure - but there were also plenty of regular folks losing all their savings. And that was an era when it was a lot more practical to keep cash yourself and use that for everyday living.
- rchaud 4y ago> the world economy grew massively without the need for federal deposit insurance You make it sound like other countries have never had banking crises identical to those in the US, and responded to them by also establishing deposit insurance (and a host of other regulations for commercial account holders). Also, I don't understand the relevance of "world economy grew massively without deposit insurance". The point of deposit insurance is to give peace of mind to depositors and establish trust in the banking system, not make GDP go up.