Posted 2/21/2026 19:47 (#11560215 - in reply to #11559926) Subject: RE: Bank closed during the depression
Thumb of Michigan
German Shepherd - 2/21/2026 14:19
So it looks like the words "Sound-Safe-Conservative" didn't hold true. Bank failures prior to FDR establishing FDIC insurance in 1933 for banks to cover depositors were a serious problem. One can only imagine how devastating it was to lose your life savings as the depression continued.
And most folks don't realize that FDIC isn't part of the Federal Government (just a name, Federal Deposit Insurance Corporation) AND the last info I had, coverage was running around 40%. Think of insuring your operation at 40% value and what your banker would say to you.
Bank closed during the depression
