When FDR & Congress passed FDIC

[susu369]

I wonder if there was any outrage? Doubt it.
I've noted that the Repubs never deride the fact that FDR and Congress passed FDIC guaranteed coverage of their bank funds. It's really hilarious if you think about it. Forget the human element -but when it comes to MONEY......

[rfranklin]

1. I'm sure that they derided everything that FDR did...

but when they realized they could loot the savings of depositors with no consequences, I think they probably stop complaining.

[rfranklin]

3. Opposition to creation of the FDIC...

Banking interests, particularly those representing the larger banks, generally viewed federal deposit insurance with distaste. The President of the American Bankers Association declared that deposit insurance was "unsound, unscientific and dangerous."7 The banking industry's views had only limited impact since banking at that time was held in low esteem. The industry's already tarnished image was not helped by disclosures of unsavory security market dealings on the part of certain New York banks which came to light when deposit insurance was being considered in Congress

http://www.fdic.gov/bank/analytical/firstfifty/chapter3.html

I can assure that the "banking interests" were not Democrats.

[susu369]

5. Very interesting

and informative. Thanks.

[elocs]

2. I wondered the same, also about Medicare and LBJ and if there were calls for its repeal. n/t

[KharmaTrain]

4. Big Time Outrage...

Raygun made a career of deriding FDR and anything "New Deal". His mission in the 80s was to dismantle as much of what was accomplished in the 30s and both boooshies and gingrich finished the job.

Roosevelt faced a lot of opposition to passing a lot of the New Deal legislation...so much so he tried to pack the Supreme Court to prevent the court challenges from scuttling the NRA (which it did) and other programs. Unlike today when the corporates can expect a government bail-out, in the 30s they were beat down and struggling to get back on their own feet to mount the opposition we see today...as well as a 24/7 media that spins by the moment...no such thing existed in the 30s.