There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits

- Mike Shedlock, a/k/a Mish, "You Know The Banking System Is Unsound When...."

This is a trivially inadequate amount of insurance, right?

Wrong.

One of the many great accomplishments of the New Deal was the Banking Act of 1933, also known as "Glass-Steagall", which among other things established the FDIC.