Flashback Friday - Martin Wiles

The Safety Net

They ran as quickly as possible; their life savings were at stake. But they were greeted with only a “Closed” sign and the demise of their savings.

The Wall Street Crash of 1929-along with hundreds of banks closing, led to loss for thousands of people. No safety net hung above the bottom to prevent people from falling into poverty’s pit. Fortunately, American President Franklin Roosevelt saw the need for one. With Congress’ help, he signed the Banking Act of 1933 and established the Federal Deposit Insurance Cooperation (FDIC) which insured depositor’s savings up to $250,000. Read more...

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