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FEDERAL DEPOSIT INSURANCE CORPORATION: A program established by Congress in 1933, during the worst of the Great Depression, to insure the deposits of failed banks. Abbreviated FDIC, it operates operates much like any private insurance company. It collects insurance premiums from its customers--the banks--in return for the assurance that it will stand behind, or be ready to pay off, any deposits that the banks can't.
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FOUR ESTATES A division of society based on the economic functions of consumption, production, regulation, and information that includes governments as the first estate, businesses as the second estate, consumers as the third estate, and journalists as the fourth estate.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Progress begins with the belief that what is necessary is possible. " -- Norman Cousins, editor, writer
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JEP
Journal of Economic Perspectives
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