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View Diary: FDIC, a socialist concept, is foundation of American Capitalism. (6 comments)

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  •  I remember my 1st bank account opened (1+ / 0-)
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    Woody

    about 1950 in Clifton, New Jersey with the proceeds from my paper route. There was a sign in there with FDIC on it and I asked either the banker or my mother what that was. I was greatly reassured that the government would cover my account if the bank went bust (though I remember thinking that the idea that a bank could not have money was of some concern too). That of course was before a significant proportion of bankers were crooks.

    We have only just begun and none too soon.

    by global citizen on Thu Nov 08, 2012 at 05:01:35 PM PST

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