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Essay / Research Paper Abstract
This 12 page paper provides an overview of the banking panics. An analysis is included. Information about the Great Depression is also included in a separate section. Bibliography lists 5 sources.
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12 pages (~225 words per page)
File: RT13_SA818pan.rtf
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and choose their banks based on rates, incentives and convenience. To illustrate exactly what a bank panic is, one might want to recall the scene in Its A Wonderful Life
where George Bailey is giving out money to the people as they storm the bank demanding cash. He tries to explain to them that a bank does not keep all
the money at the location at any given time. After all, it is not everyday that most of the banks depositors come in and want to close their accounts. George
tries to do the right thing, but there is not enough money and the people are panicking. They do not trust the bank. Of course, the reason why this does
not happen today is that funds are insured by the FDIC which protects up to one hundred thousand dollars of the money. During the thirties, this was not the case.
A banking panic "arises when many depositors simultaneously lose confidence in the solvency of banks and demand that their bank deposits be paid to them in cash"
("Great Depression Banking panics and monetary contraction," 2008). Prior to the 1930s, there were several single panics (Wicker, 1996). That is, some banks would become insolvent. This was not so
unusual. What was unusual about the 1930s-around the time that the Bailey Savings and Loan would collapse in the film-was that there was a lot of things occurring at once.
Wicker (1996) points out that the "1929-33 contraction was unique in the annals of banking panics in as much as it was interlaced with four distinct banking disturbances" (p.4). The
element that seemingly has made these panics special, at least according to Wicker (1996), is its regional quality. In any event, in exploring the banking panics of that era, it
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