No Deposit Insurance Quotes

In a society in which nearly everybody is dominated by somebody else's mind or by a disembodied mind, it becomes increasingly difficult to learn the truth about the activities of governments and corporations, about the quality or value of products, or about the health of one's own place and economy. In such a society, also, our private economies will depend less and less upon the private ownership of real, usable property, and more and more upon property that is institutional and abstract, beyond individual control, such as money, insurance policies, certificates of deposit, stocks, and shares. And as our private economies become more abstract, the mutual, free helps and pleasures of family and community life will be supplanted by a kind of displaced or placeless citizenship and by commerce with impersonal and self-interested suppliers... Thus, although we are not slaves in name, and cannot be carried to market and sold as somebody else's legal chattels, we are free only within narrow limits. For all our talk about liberation and personal autonomy, there are few choices that we are free to make. What would be the point, for example, if a majority of our people decided to be self-employed? The great enemy of freedom is the alignment of political power with wealth. This alignment destroys the commonwealth - that is, the natural wealth of localities and the local economies of household, neighborhood, and community - and so destroys democracy, of which the commonwealth is the foundation and practical means.

if a bank failed to meet its quota for loans to low-income minorities, it ran a high risk of failing to earn a “satisfactory” CRA rating from the Federal Deposit Insurance Corporation.

That was the Northern Ohio Bank, which US Organized Crime Strike Force investigators said had been taken over by the Mob. The bank collapsed in 1975, costing the Federal Deposit Insurance Corp. $30 million. Stansbury

Taft explained that the great issue in this campaign is "creeping socialism." Now that is the patented trademark of the special interest lobbies. Socialism is a scare word they have hurled at every advance the people have made in the last 20 years. Socialism is what they called public power. Socialism is what they called social security. Socialism is what they called farm price supports. Socialism is what they called bank deposit insurance. Socialism is what they called the growth of free and independent labor organizations. Socialism is their name for almost anything that helps all the people. When the Republican candidate inscribes the slogan "Down With Socialism" on the banner of his "great crusade," that is really not what he means at all. What he really means is, "Down with Progress--down with Franklin Roosevelt's New Deal," and "down with Harry Truman's fair Deal." That is what he means. (Rear Platform and Other Informal Remarks in SYRACUSE, NEW YORK (Near station, 1:25 p.m. October 10, 1952 ) trumanlibrary dot org publicpapers

Socialism is the epithet they have hurled at every advance the people have made,” President Harry Truman observed. It was “what they called public power…bank deposit insurance…free and independent labor organizations…anything that helps all the people.” Every time over the last century Americans have sought to pool their resources for the common good, the wealthy and powerful have used the bogeyman of “socialism” to try to stop them.

I wonder what would happen if I tried the same reasoning on you. 'I have received your insurance premium invoice. My conclusion is this fee is not financially appropriate for you. It is my decision that you should be paid in bags of rocks deposited directly on your testicles. You may appeal this decision by screaming and hitting your head against a brick wall until you get tired, then read this letter again because I'm not fucking listening.

We don’t worry about who manages the bank or what they do with our money. Even if we hear on the news that our bank has started to lend large sums of money to piano-playing cats, which we think is a bad idea, we would not feel the need to show up at the bank the next morning to ask for all of our money back. If you had lent your money to an individual and they in turn lent your money to piano-playing cats, you would demand your money back immediately. But because you deposit your money into a bank account insured by the federal government, you feel no need to keep a watchful eye on what your bank does with the money. Insurance removes the incentive for customers to police a bank. It can also remove the incentive for banks to police themselves because they do not bear the full or even the most serious consequences of their actions. Removing the natural tendencies of the market to notice and punish bad choices creates a moral hazard that may result in well-funded cats and other undetected market risks.

The U.S. government stepped in during economic crises all the time. Less than five years earlier, the United States had used billions of dollars of taxpayer money to bail out Wall Street banks during the 2008 financial crisis. During the Great Depression the government had prohibited U.S. citizens from owning gold: in 1933, President Roosevelt had signed executive order 6102, requiring citizens to turn in their gold for cash. It wasn’t until 1975, when President Ford repealed this order, that it was again legal for Americans to own gold that wasn’t jewelry or coins. And all bank deposits were only insured to the tune of $250,000. “More than twenty thousand account holders at Laika, the second largest bank in Cyprus, are going to have half of their savings taken away,

Inefficiency. A centralized financial system has many inefficiencies. Perhaps the most egregious example is the credit card interchange rate that causes consumers and small businesses to lose up to 3 percent of a transaction's value with every swipe due to the payment network oligopoly's pricing power. Remittance fees are 5–7 percent. Time is also wasted in the two days it takes to “settle” a stock transaction (officially transfer ownership). In the Internet age, this seems utterly implausible. Other inefficiencies include costly (and slow) transfer of funds, direct and indirect brokerage fees, lack of security, and the inability to conduct microtransactions, many of which are not obvious to users. In the current banking system, deposit interest rates remain very low and loan rates high because banks need to cover their brick-and-mortar costs. The insurance industry provides another example.

To purchase a Volkswagen, customers were required to make a weekly deposit of at least 5 Reichsmarks into a DAF account on which they received no interest. Once the account balance had reached 750 Reichsmarks, the customer was entitled to delivery of a VW. The DAF meanwhile achieved an interest saving of 130 Reichsmarks per car. In addition, purchasers of the VW were required to take out a two-year insurance contract priced at 200 Reichsmarks. The VW savings contract was non-transferable, except in case of death, and withdrawal from the contract normally meant the forfeit of the entire sum deposited. Remarkably, 270,000 people signed up to these contracts by the end of 1939 and by the end of the war the number of VW-savers had risen to 340,000. In total, the DAF netted 275 million Reichsmarks in deposits. But not a single Volkswagen was ever delivered to a civilian customer in the Third Reich. After 1939, the entire output was reserved for official uses of various kinds. Most of Porsche’s half-finished factory was turned over to military production. The 275 million Reichsmarks deposited by the VW savers were lost in the post-war inflation. After a long legal battle, VW’s first customers received partial compensation only in the 1960s.

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.

bank gives some poor schmuck a mortgage at 100% the value of his property. No deposit. The bank sells the debt off to a larger bank in return for instant cash. The larger bank bundles up a hundred crappy mortgages like this and sells insurance policies for ten cents on the dollar – because their analysts tell them it’s a sure thing. They do this with thousands of loans. The mortgage securities market grows. Nothing can go wrong, right?” “Until the homeowner can’t make his repayments.

MONTH ONE ACTION PLAN Open a new checking account that is free of monthly maintenance fees. Notify your employer to have your direct deposit sent to the new account. Same with any automatic payments or transfers you make from your checking account—notify everyone of the new account. Balance your checkbook each month; verify all your withdrawals and deposits, and keep track that every bill you pay is recorded as a debit on your account. Open a new savings or money market account that is FDIC insured and carries a high APY. Make it a goal to build a savings account over time that has a balance large enough to cover up to eight months of living expenses. Sign up for automatic deposits into your savings account. If you have more than $100,000 at any one institution, make sure you understand the rules for getting full insurance coverage.

If a systemic crisis occurs, the FDIC may rescue a bank in the non-least-cost-way—for example, by paying off creditors who are not covered by deposit insurance or keeping a bank temporarily alive when it is insolvent—when nonpayment of creditors or the bank’s failure would threaten the system.

In Boston the financial high ground was held by a dozen banks, insurance companies, and utilities, notably the State Street Bank and Trust, the National Shawmut Bank, the First National Bank of Boston, Eastern Gas and Fuel Associates, and Liberty Mutual Insurance Company. In the late 1950s leaders of these institutions, along with the presidents of major retail stores, including Jordan Marsh and Filene’s, had formed a “Coordinating Committee” ostensibly to link Yankee commerce and the rough-and-tumble world of Boston politics. The committee members held their meetings in the boardroom of the Boston Safe Deposit and Trust Company. Secrecy and discretion were valued above all else; absent members could not send replacements and no minutes were ever kept. The group’s penchant for secrecy and choice of venue for meetings earned them the sobriquet “the Vault” in the local press.

it is difficult to coordinate opposition to any program that benefits few at the expense of many because of the transactions costs of political activity. Second, taxpayers cannot easily identify the allocation of costs and benefits from bailouts, which is determined not by the courts but by a deposit-insurance resolution authority operating within the government under opaque circumstances and ad hoc arrangements. Third, because taxpayers are sometimes depositors, they may not be able to determine whether they are better or worse off as a result of the government’s intervention.

Neither is the cost of government deposit insurance deducted from the “value-add” by the banks. (Actually, technically, that is perhaps right, as banks don’t pay this cost and such insurance doesn’t really exist, but it depends how you want to look at the illusion).

In the future, banks will have to pay for deposit insurance. Loans to finance asset purchases or for proprietary activities will be required to be capitalised separately; banks will no longer be able to use customer deposits + free government insurance to finance these activities.

Most notably, FDR defied the orthodoxy of his time by abandoning the gold standard in a series of steps in 1933. With the money supply no longer constrained by the amount of gold held by the government, deflation stopped almost immediately. Roosevelt also quelled the raging financial crisis by temporarily shutting down the nation’s banks (a bank holiday), permitting only those judged sound to reopen, and by pushing legislation establishing federal deposit insurance. These measures brought intense criticism from orthodox economists and conservative business leaders. And they were indeed experiments. But, collectively, they worked.

Diamond and Dybvig argue that deposit insurance can prevent bank runs, but their model does not incorporate the fact that absent effective regulation, deposit insurance can induce banks to take excessive risk.6

FIGURE 5.1 Buying and closing checklist. 1. Identify a potential bargain purchase; ask questions. 2. Write down the one urgent problem you can solve for the seller. 3. Establish the fair market value, give or take 5 percent. 4. Research the market rent and likely net income the property will produce. 5. State your minimum acceptable profit on this house. 6. Formulate an offer that solves the seller's one urgent problem. 7. Make the offer. Insist on either an acceptance or a counteroffer (Don't tell me what you won't do; tell me what you will do). 8. Make another offer based on any new information. 9. If the seller is unresponsive but you remain convinced there is opportunity, go away and come back in a week with another offer. 10. Get the contract accepted-signed by all parties. 11. Make your earnest money deposit with the closing agent. 12. Retain rights to house inspector and termite inspector if needed. 13. Order a title search with a title company, attorney, or escrow company, and furnish these agents a copy of your fully signed contract. 14. Talk with the agent or attorney who will prepare the closing documents to alert him to any unusual clauses in the contract. 15. Get copies of any documents you will be required to sign the day before the closing, and get a copy of the title insurance commitment-read to check for exceptions. 16. Read closing documents (very carefully!!!). 17. Walk through the house the day of the closing after the sellers are completely out of the house. 18. Go to the closing, review the documents, and collect the appropriate items listed on the closing documents list, and get the keys and garage door opener. Note: When you are buying, take your time. Time is on your side. Having both the buyers and the sellers at the closing can work to your advantage. When you are selling, sign documents in advance. Only go to pick up your check after the buyer has signed everything and left. Source: Reprinted from John Schaub, "Making It Big on Little Deals," seminar by permission

In June 1960 there was a run on the bank’s deposits and the bank collapsed. Even now, no one knows what really happened. Had the RBI been vindictive? Was it being overly cautious? Were there some political reasons for the action, as many now believe? There are many unanswered questions. But there were two positive effects: the birth of deposit insurance and tightening of the RBI’s grip on commercial banks because the government empowered the RBI to forcibly merge weak banks. It

Yeah I see,” Syn said quietly. Ro’s phone rang and he picked it up, giving Syn a couple of private minutes, which were needed because his heart was beating a mile a minute. The fates can’t be that cruel. To make the only man, no forget that; the only person that Syn had been interested in in over ten years a suspect in a murder case he was overseeing. On top of everything else, the man is married. This isn’t good. Ro disconnected his call and Syn asked him, “How soon before this one arrives?” “He’s already here in room five. You coming?” Ro asked, taking Furious’ file from his hands. “I’ll watch.” Syn walked beside Ro to the interrogation rooms. Then he thought better of it, and decided he needed to be honest with his men. They worked effectively together, but most of all they had each other's backs. Ro was a good man and Syn felt he could trust him. “Ro wait.” “What’s up?” Syn blew out a breath and scratched at the hair on top of his head, which was grown out enough that it was already starting to curl. “Syn what’s going on?” Ro looked genuinely concerned, his vibrant blue eyes staring intently at him. Syn looked back and forth as uniforms brushed passed them in the hall. Ro clasped a firm grip on Syn’s shoulder and ushered him into one of the vacant offices. “Talk to me man. You’re my Sarge but I consider you a friend first. That’s the way we operate. If you have a problem, then I have a fuckin’ problem, and so do twenty-one other men. But between you and me right now, what’s up?” Syn rubbed the back of his neck and tried to ease some of the tension there. “This guy Furious.” Ro shook his head indicating he was listening. “I’m kind of, um … we uh … he’s my,” Syn stuttered not quite finding the right words. “You know him and you like him,” Ro finished for him. Syn looked Ro in the eye. “Yeah, I like him.” Syn took a deep breath. “He’s the first him that I’ve liked in a very long time.” “I see.” Ro rubbed his hand over his cheek again. Syn knew the gesture meant Ro was thinking. “Shit’s all fucked up now. I can’t date a goddamn suspect, a married goddamn suspect.” “Hey whoa. We don’t know the situation with the marriage yet. The reasons I thought he could be a suspect? They might be easily explained away.” “You’re the one said you think he’s hiding something,” Syn argued. “Yes, I did. This guy is married, right? He leaves his husband in a way that makes the man file a missing persons on him, and then Furious changes his name, and not back to his birth name. It looks like he’s hiding from him, I just need to find out why.” Ro pulled a paper from the file. “This shows him making regular deposits to an account in a bank located in Los Angeles. The account is under a different name and has over ninety thousand dollars in it.” “So he stole his husband’s money and hauled ass in the middle of the night. Fuckin’ great.” Syn yanked the door open, ready to charge into interrogation room five and tell Furious he could go to hell. “Geez, hold on a minute, Sarge.” Ro grabbed his arm and pulled him back inside, slamming the door closed. “No wonder Day likes you so much. Both of you go off half-cocked all the fucking time. That money wasn’t stolen. It was life insurance proceeds from when his father died. He might’ve been hiding it from the husband. The contributions he’s been making since then have been small but frequent.” “He’s a porn star, Ronowski! I can’t date a damn porn star! Fucking other women and probably men. What the fuck?” Syn was yelling and pacing now. He knew it wasn’t fair to yell at Ro, but he was the only one there now.

The word 'tip' comes from the mid-eighteenth-century innkeepers' sign 'to insure promptness.' Patrons deposited a few coins on the table before ordering a meal or drinks and were served faster.

Katha Pollitt wrote in The Nation, “Ron Paul has opposed almost every piece of progressive legislation that was passed in the last 200 years! He opposed Federal Deposit Insurance and continues to oppose Roe v. Wade. He would abolish the Environmental Protection Agency, governmental regulations on health and safety (OSHA), and the Federal Aviation Authority.

give you an example. A bank gives some poor schmuck a mortgage at 100% the value of his property. No deposit. The bank sells the debt off to a larger bank in return for instant cash. The larger bank bundles up a hundred crappy mortgages like this and sells insurance policies for ten cents on the dollar – because their analysts tell them it’s a sure thing. They do this with thousands of loans. The mortgage securities market grows. Nothing can go wrong, right?

That’s why the savvy bride purchases wedding insurance. Like travel insurance, wedding insurance will guarantee that you don’t lose the entirety of your deposits on things like venues, cakes, photographers, food suppliers, wedding limos, flowers, honeymoon, even your gown…

The market crash seemed to focus their minds. Before Monday, the public reaction to TARP had been all anti-bailout anger, but now politicians started hearing from constituents whose life savings were disappearing. Senate leaders added some sweeteners to the bill, including extensions of dozens of tax breaks for businesses. The bill also temporarily raised the FDIC’s deposit insurance limit from $100,000 to $250,000, to help protect the kind of account holders burned by IndyMac’s haircuts, and to help prevent runs on traditional banks. On Wednesday, October 1, the tweaked version of TARP passed the Senate with broad bipartisan support, 74–25. On Friday, it passed the House as well, as 57 representatives flipped from no to yes. The abrupt reversal evoked the Winston Churchill line about Americans always doing the right thing after trying everything else, but there was also something inspiring about it.

Sheila Bair, a former Republican Senate staffer who was President Bush’s FDIC chair, quickly agreed to sell WaMu for $1.9 billion to JPMorgan Chase, which would take over the failed bank’s uninsured and insured deposits. But the FDIC did not require JPMorgan to stand behind WaMu’s other obligations, as we had required it to do for Bear Stearns, leaving WaMu’s senior debt holders exposed to severe losses.

savings and time deposits, savings-and-loan-association accounts, life insurance, annuities, and real-estate mortgages or equity ownership.

Table of Contents Things About House For Rent Barrie Excitement About House For Rent Barrie The 15 Second Trick For House For Rent Barrie If you're looking to move into a home that's not going to be taken over by an estate agent, then you should seriously consider taking a house for rent to stay. There are many reasons why you might want to rent a home rather than staying in your own. Perhaps you've just bought a house and you're trying to find somewhere to stay before you move in. Maybe you're simply on holiday and need somewhere to stay until you're back at home. Things About House For Rent Barrie There are many things to think about when you are considering renting a house instead of buying one. Before you decide whether or not you want to rent a house, you will need to consider what you'll be doing in the house for the majority of your stay. Will you be living alone, with a friend or partner or as a couple? How long do you want to stay in the house to avoid being tempted to move away once your new home is complete? The main reason why you might want to rent a house instead of buying it is because you can save money in the process. You won't have to spend months paying rent, or put down a deposit, or arrange for an insurance policy or rental repayments to take care of everything in the event that you move out. With the economy currently, people don't like to have to spend money, but they also like to save money. If you live in Barrie, then this will be an ideal place to rent a house to live for most of the year. Although you may have to pay some sort of rent during the summer months, and during the colder months you may have to find some other way to pay the costs involved in staying there. Most people who rent a house often decide to move back into their own homes once the lease on the property is up. However, they often find that moving back in isn't as easy or comfortable as when they first moved into the home. So, they choose to take a house to rent to stay for a few months, until they're back in their own home. Renting a house is also a great way to get a place to work in London. Because London is so popular, there are many people working in various different places all across the city, and they are not all living in one place. A house to rent to stay in is a convenient option for many people, and it allows them to work from home. This way they will be able to continue to work, pay their bills and other expenses at home, but still have access to other activities throughout London. Excitement About House For Rent Barrie When you are thinking about taking a house to rent to live in, there are also a number of benefits for you. First, you won't have to put up with the expense of all the costs that go along with having a property to rent and buying a property. Even if you do want to buy a property you may be able to buy it cheaper. The other benefit to owning a home is that you'll be able to easily get a tax return back on the money you have saved by taking on a house to let in Barrie. Although not all landlords give out tax returns on the money you owe them, it is worth asking. The truth is that more people are choosing to rent out their homes to tenants, and this gives them an opportunity to help themselves to some of that money.

The highest-risk investments include: Futures Commodities Limited partnerships Collectibles Rental real estate Penny stocks (stocks that cost less than $5 per share) Speculative stocks (such as stock in new companies) Foreign stocks from volatile nations “Junk” (or high-yield corporate) bonds Moderate-risk investments include: Growth stocks (companies that reinvest most of their profits to grow the business) Corporate bonds with lower (but still investment-grade) ratings Mutual funds or exchange-traded funds (ETFs) Real estate investment trusts (REITs) Blue chip stocks Limited-risk investments include: Top-rated investment-grade corporate and municipal bonds The lowest-risk investments include: Treasury bills and bonds FDIC-insured bank CDs (certificates of deposit) Money market funds Practicing

Estate-Planning Checklist (for each of you) • Up-to-date will • Healthcare proxy • Power of attorney • Living will • HIPAA form •  List of what you are bequeathing • Legacy requests •  Where your important documents are kept • What assets you have • Where your accounts are located • Account numbers, PINs, and passwords •  Names of trusted people who know where your car keys, house keys, and safe deposit box keys are kept • Important names and contact information: ○ Attorney/financial adviser/CPA ○ Insurance broker ○ Healthcare providers ○ Estate attorney ○ Bank name and branch office location ○ Safe deposit box location and number

With the first banks opened on Monday, the afternoon brought another request from Roosevelt. Stating that he needed the tax revenue, he asked Congress that beer with alcohol content of up to 3.2 percent be made legal; the Eighteenth Amendment did not specify the percentage that constituted an intoxicating beverage. Congress complied. The House passed the bill the very next day with a vote count of 316–97, pushing it to the Senate. Wednesday brought good cheer: The stock market opened for the first time in Roosevelt’s presidency. In a single-day record, the Dow Jones Industrial Average gained over 15 percent—a gain in total market value of $3 billion. By Thursday, for increased fiscal prudence, the Senate had added an exemption for wine to go with beer, but negotiated the alcohol content down to 3.05 percent. Throughout the week, banks were receiving net deposits rather than facing panicked withdrawals. Over the following weeks, the administration developed a sweeping farm package designed to “increase purchasing power of our farmers” and “relieve the pressure of farm mortgages.” To guarantee the safety of bank deposits, the Federal Deposit Insurance Corporation was created. To regulate the entire American stock and bond markets, the Exchange Act of 1933 required companies to report their financial condition accurately to the buying public, establishing the Securities and Exchange Commission. Safety nets such as Social Security for retirement and home loan guarantees for individuals would be added to the government’s portfolio of responsibilities within a couple of years. It was the largest peacetime escalation of government in American history.

Under the current US system, federal deposit insurance is capped at $250,000 per account.24 This coverage limit reflects a consumer protection philosophy; small retail account holders presumably lack the capacity to monitor bank solvency. But if we view deposit insurance through the lens of panic prevention instead of consumer protection, then the justification for coverage limits becomes far murkier. As we will see in future chapters, sophisticated institutional accounts are far more likely than small retail accounts to redeem en masse, precisely because they are paying closer attention. If panic prevention is a key goal, then coverage limits may very well undermine it.

In the 1930s, the government had put a fence around ordinary people’s bank accounts and said: Okay, what’s inside this fence is no longer a loan to the bank that you, the depositor, may or may not get back. Your bank deposit is your money. The government is going to insure the money inside this fence to make sure you get your money back. And we’re going to regulate the hell out of banks, and make them pay for the insurance, to keep that money safe.

Central banks across the globe have been hesitant to recognize bitcoin as a form of money, and Tuesday’s vanishing act isn’t helping. Mt. Gox “reminds us of the downside of decentralized, unregulated currencies,” said Campbell Harvey, a professor at the Duke University Fuqua School of Business who specializes in financial markets and global risk management. “There is no Federal Reserve or IMF to come to the rescue. There is no deposit insurance.” However, Campbell said, Mt. Gox’s disappearance “doesn’t mean the end of the road” for bit-coin and other virtual currencies.

The U.S. National Bank Acts and the adoption of federal deposit insurance requirements in the United States were two momentous acts of the U.S. Congress that changed the way that money produced by banks was backed. The legislation also raised questions about the essence of money, its purpose, and how it should be backed, questions that come up over and over again.

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