Were banks/Wall Street bailed out during the Great Depression?

[danberkeley]

Were banks/Wall Street bailed out during the Great Depression?

I know that hundreds of banks failed after the stock market crash, but were banks/Wall Street eventually propped up/bailed out by FDR? I think the creation of the FDIC could be considered a bailout.

 

[tmosley]

FDR did declare a bank holiday. I don't know about direct payments, though.

 

[Truth Warrior]

The banks were "made an offer" to join the Fed "system" gang, that many "could not refuse". < Insert "Godfather I" theme background music here. >

 

[danberkeley]

The banks were "made an offer" to join the Fed "system" gang, that many "could not refuse". < Insert "Godfather I" theme background music here. >

please insert source.

 

[Rock Sexton]

Were banks/Wall Street bailed out during the Great Depression?

I know that hundreds of banks failed after the stock market crash, but were banks/Wall Street eventually propped up/bailed out by FDR? I think the creation of the FDIC could be considered a bailout.

All insolvent institutions were allowed to be liquidated. However, one must consider the time and the scope of reach of the Fed banks. This allowed to them to consolidate and scoop up major assets on the cheap.

This is happening yet again on a much larger scale with more major players involved. Banking elite are effectively sucking everything up with a world vacuum. The big, insolvent, zombie banks are not being liquidated, but their smaller and solvent counterparts are being bought up.