Back in 1908, when earlier versions of government deposit insurance were advanced, the president of the First National Bank of Chicago, James Forgan, asked the following: “Is there anything in the relations between banks and their customers to justify the proposition that in the banking business the good should be taxed for the bad; ability taxed to pay for incompetency; honesty taxed to pay for dishonesty; experience and training taxed to pay for the errors of inexperience and lack of training; and knowledge taxed to pay for the mistakes of ignorance?”
Banking Without the Too-Big-to-Fail Doctrine | The Freeman | Ideas On Liberty
Friday, January 16, 2009
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