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by chii
1538 days ago
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There's not been a run on banks since the Fed's existence. The country needed a "Fed" - you can only say that they're unneeded because you have not experienced a time when they didn't exist and bank deposits couldn't be secured. It's like people who ask why they need to be vaccinated for polio now that there's very few cases of it. |
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False, false, and false.
"Despite the creation of the Fed, a wave of bank runs resulted in massive bank failures over the period 1930-1933."
https://sgp.fas.org/crs/misc/R41887.pdf , pg. 9