"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
In Defense of Bank Runs
Submitted by Westernerd on Thu, 2012-05-24 02:00
"...the prospect of bank runs is also without question a drastic form of consumer power, of capitalism’s essential checks and balances. The risk of a bank run, of the public’s sudden loss of faith in the prudence, reliability and solvency of a banker, is a powerful check on the banker’s risk-taking and overall business strategy."
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