Bank Failure: As American As Apple Pie?

In a recent op-ed for the Los Angeles Times, historian Jane Kamensky describes America's roller-coaster relationship with banking. In "Boom and Bust: It's The American Way" she writes that the "rapid oscillation between confidence and panic in the banking sector is nearly as old as the United States."

Correction Aug. 5, 2008

In this interview, we incorrectly suggested that the FDIC (Federal Deposit Insurance Corporation) insures deposits in credit unions. Credit unions are covered by a separate federal agency — the National Credit Union Administration.

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