An article from Time magazine from June 5, 1933 about the creation of deposit insurance:

Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed by both houses of Congress would rivet upon their institutions what they considered a monstrous system of guaranteeing bank deposits. Such a system, they felt, would not only rob them of their pride of profession but would reduce all U. S. banking to its lowest level. They saw their deposits which they had spent a lifetime to build up and protect with their good names confiscated by the Government to pay for the mistakes and dishonesty of every smalltown bankster.

Don’t think that our masters of the universe believe anything different than that these masters of the universe believed.

They always believe that they are good, and noble, and brilliant, and that it’s always someone else’s fault.