Free Market
Author:
James Grant
Online Publish Date:
of federal guarantees for the liquidity of individual banks. It is the policy that, in the case of the 11 or so largest banks, failure will not be allowed by the Federal Deposit Insurance Corporation, a liquid balance sheet constituted a competitive advantage. When James (”Sunshine Jim”) Stillman , National City’s dour in early 1907 to prepare for a panic that Fall, he was able to anticipate a competitive silver lining: “What impresses me as most important is to go into next