“God help you when they get through with you.”
President Hoover, 1931, during a secret meeting with the heads of the largest banks.

The entire financial system was on the verge of total destruction, and he was asking them to bail out smaller banks that were failing in droves.

Do it yourselves, he warned – or Congress will do it for you.

They didn’t.

And Congress did.

What followed didn’t just rescue the system. It ENDED pure capitalism in the US.

• Deposits were insured, socializing bank failure risk
• Capital markets were placed under permanent federal oversight
• The government became lender of last resort
• Market discipline was replaced with rulebooks, backstops, and regulators
• Glass-Steagall
• The FDIC
• The SEC
• The Federal Reserve’s emergency lending authority, discount window access, and system-wide liquidity facilities

From that moment on, America stopped being “survival of the fittest” and became constricted by guardrails – profits privatized, losses increasingly mutualized, and failure artificially prevented.

WHAT WOULD HAVE HAPPENED if the government hadn’t stepped in???

We will never know.

But “capitalism”? – DON’T KID YOURSELF!

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