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"I read a report recently that I think fairly illustrates this point. It's from Time Magazine. And I quote: 'Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed ... would rivet upon their institutions what they considered a monstrous system ... Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.' That appeared in Time Magazine -- in June of 1933. The system that caused so much concern and consternation? The Federal Deposit Insurance Corporation -- the FDIC -- an institution that has successfully secured the deposits of generations of Americans.
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