Seidman on Deposit Insurance

A deposit insurance system is like a nuclear power plant. If you build it without safety precautions, you know it’s going to blow you off the face of the earth. And even if you do, you can’t be sure it won’t.

L. William Seidman, as quoted in Clifford F. Thies & Daniel A. Gerlowski – Deposit Insurance: A History of Failure. Cato Journal 8 (1989), p. 677.

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