Crossing borders

In 1932 the banks in the United States were in real bad shape! The 1929 crash of the stock market, the lack of boundaries between traditional loan and savings banks on one hand and banking with a rather speculative character on the other, plus the resulting massive unemployment and reduction in industrial productivity had rolled over society. Savings had been withdrawn from banks and stashed in old socks and mattresses. The election of Franklin D. Roosevelt made a difference: after a compulsory bank holiday of eight days and a rallying fireside radio talk, he explained the important role of regular banking in simple phrasing and reestablished the trust of the general public. The next day, the public emptied their stash and deposited the money back in their bank accounts. Passing the Glass-Steagall act[1] in 1933 and establishing the FDIC ruling did the rest.