In 1933 there was a run on the banks. Desperate people, desperate measures,desperate times.
A three day bank holiday was declared and banks closed preventing people from removing more funds. Franklin.D.Roosevelt introduced the ‘Emergency Banking Act’ which gave him the ability to declare a national emergency and also allowed him absolute control over national finances. Roosevelt declared a further bank holiday lasting two more days in order to gain time to pass the emergency act through parliament and made it illegal for banks to do business during a national emergency without his approval. When banks re-opened people actually re-deposited the funds they had taken out during the bank run. C’mon Obama bring the republicans into line. Maybe tax the bankers, pay a percentage to the people and then get the people open up community banks with the loot. Another thing Roosevelt did which was pretty smart was to criminalise possession of monetary gold thereby making it impossible to stash ridiculous amounts away in Swiss accounts
bank on it buddy!