When Uncle Sam owned banks and factories : The Indicator from Planet Money

Amidst the Nice Despair, President Herbert Hoover created a bank-like establishment known as the Reconstruction Finance Company

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Amidst the Nice Despair, President Herbert Hoover created a bank-like establishment known as the Reconstruction Finance Company

AP Picture

The quintessential American financial fable is that the free market picks winners and losers. However the federal authorities has lengthy had a task on this equation, from the present administration all the best way again to the Nice Despair. As we speak on the present, we uncover the historical past of the nation’s nationwide funding financial institution, which formed the connection between the federal government and the market in methods which might be nonetheless felt right now.

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Reality-checking by Julia Ritchey. Music by Drop Electrical. Discover us: TikTok, Instagram, Fb, Publication.