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Show WALTER SHE AD New Deal Agencies Pay Off EVERY nowi and then there is a news item, more or less unnoticed, which goes to refute the all-inclusive charges heard nowadays that everything done by the New Deal was bad. A majority of farmers today will tell you the triple A saved farming as an industry; Home Owners Loan corporation saved millions of homes and is paying out without loss; Federal Housing administration as a lending agency for private home construction is paying its way; the conservation service is credited with keeping American farms at top production during the war; no one in the Tennessee valley has an ill word to say against TVA. And now the Federal Deposit Insurance corporation, which insures in-sures bank deposits, has paid into the treasury 146,600,000, more than half the money provided to start the program. It pays in full the more than $139,000,000 in FDIC capital subscribed by the 12 federal reserve banks and about $7,500,000 of the 150,000,000 originally subscribed by the treasury. To be perfectly fair the FDIC act was introduced in 1934 by Sen. Arthur Vandenburg (R., Mich.). But it is considered New Deal legislation legisla-tion and no one has lost a dime on bank deposits since its passage. |