FDR said banking needed a bailout too!

With all the bluster and nitwittery being blasted over radio and TV airwaves on "the need for a bailout", it is well worth our time to go back to the ACTUAL mother of all banking crises, the Depression, and listen to how FDR scaremongered the country into "The New Deal".

Here is the audio of FDR's "Fireside Chat"

Text is here.

Knowing what FDR actually DID with his authority and how it all turned out makes this FDR statement a laugh.

Remember that the essential accomplishment of the new legislation is that it makes it possible for banks more readily to convert their assets into cash than was the case before. More liberal provision has been made for banks to borrow on these assets at the Reserve Banks and more liberal provision has also been made for issuing currency on the security of these good assets. This currency is not fiat currency. It is issued only on adequate security, and every good bank has an abundance of such security.