“Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life – most spectacularly in the Great Depression, when a major banking crisis was exacerbated rather than mitigated by a monetary authority that had been operational for little more than fifteen years.”

“Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life – most spectacularly in the Great Depression, when a major banking crisis was exacerbated rather than mitigated by a monetary authority that had been operational for little more than fifteen years.”

— Niall Ferguson