Adam Cohen

The whole New Deal was in a sense just a series of public options, some more optional than others, that offered government as an alternative to the often-flawed private market. The Farm Credit Administration and the Home Owners’ Loan Act used government funds to save farms and homes of Americans who would have been foreclosed on by private lenders. The Federal Deposit Insurance Corporation saved the private banking system by insuring savings accounts, which made the public willing to put money back in private banks.