"If banks think they'll succeed at their new locations, in a ridiculously overcrowded market, they're kidding themselves."
Federal Deposit Insurance Corporation
The FDIC's purpose was to provide stability to the economy and the failing banking system.
Recovery
Dates: 1933-Today
1933's FDIC
The Federal Deposit Insurance Corporation. Also known as the FDIC does not cover the financial products or the services that the bank might offer to the customers who go to their banks. For example stocks, bonds, mutual funds, life insurance policies, annuities or securities. The current limit is $250,000 per depositor, per bank. Traditional checking or savings account is not insured by the FDIC.
The FDIC was created in 1933. It is called the 1933 Banking Act. This act was to restore the trust in the banking system for the Americans. More than 1/3 of the banks failed in the years before the act came out. The insurance limit was initially $2,500 per ownership category.The 1935 Act gave the FDIC authority to pay off depositors directly or through an existing bank, and once that was granted, the FDIC ceased using the DINB for the next 29 years. In addition to this act, they added the ways in which a payoff could be affected. This means the FDIC has the authority to make loans.
-Franklin also reportedly had a hard time adjusting to school. He was taught at home on the family estate until the age of 14 when Franklin was sent to prep school at Groton.
- Franklin dropped out of law school. Franklin considered the Social Security Act to be one of his greatest accomplishments.
-He was editor of the college newspaper, graduated in three years, and later passed his bar exam after attending Columbia without finishing his law degree.
- Young Franklin was also related to his own wife. Eleanor Roosevelt was Theodore Roosevelt’s brother’s daughter.
-Franklin won the Democratic nomination for vice president in 1920 with James M. Cox, governor of Ohio.
-Roosevelt made history when he appointed Frances Perkins to his cabinet in 1933. Selected as secretary of labor, Perkins became the first woman to hold a cabinet post in a U.S. presidential administration.
-Franklin considered the Social Security Act to be one of his greatest accomplishments.
-FDR holds the record for the longest-serving American president. In 1944, FDR was elected to his fourth term.
-Roosevelt contracted what was diagnosed as polio in 1921 while on vacation in Canada. He was paralyzed from the waist down ever since.
-1930, Republicans were being blamed for the Great Depression and Franklin Roosevelt sensed the opportunity.
Unemployment Rate// increase
government spending//increased
GDP// decrease
confindence building// decrease
role of government//increased
per capita income// no change
specific popualation groups affected// no change (no impact)
