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Essay / Research Paper Abstract
This 4 page paper provides an overview of the depression as well as a comparison to today. The history of the FDIC is included. An Annotated bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA916tgd.rtf
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Unformatted sample text from the term paper:
that followed. Of course, during the 1930s, unemployment was much higher, and until Roosevelt designed social programs for the people, things were much worse than they are today. Some believe
that the economists should have taken notice and issued warnings early in 1929. That is, the depression was predictable. Yet, while the crash was not the cause of the depression,
it is true that the crash had some economic effect. An example of the market crash is seen in the film Its a Wonderful Life. Everyone wanted his or
her money at once and the bank did not have it. In regard to the free fall in 1929, panic caused people to sell off more stock than they ordinarily
would have. The crash, and its consequences, would have a lasting impact. Yet, what happened in the movie was related to the fact that the bank would run out
of money. This was a real fear during the Great Depression. Yet, what would alleviate this fear was the creation of the Federal Deposit Insurance Corporation or FDIC (Auerbach and
Kotlikoff 406). The program began on January 1, 1934 (Auerbach and Kotlikoff 406). There would be insurance for both member and nonmember banks so that the deposits would
be secured by the government (Auerbach and Kotlikoff 406). This means that the government was covering the banks so that they would not run out of money. At the time,
the banks would be covered only for deposits up to $2,500 (Auerbach and Kotlikoff 406). Today, banks cover deposits up to $100,000 (Auerbach and Kotlikoff 406). The plan worked.
There would be a significant decrease in bank failures (Auerbach and Kotlikoff 406). The FDIC plan did work and continues to do so. However, there were some concerns.
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