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Continental Illinois

Continental Illinois, Gary Gorton, lender of last resort, Too Big To Fail, Walter Bagehot
Economic History, Free Banking, The Fed & Central Banks

Were Banks "Too Big to Fail" Before the Fed?

George Selgin/March 22, 2016June 19, 2022

According to Gary Gorton and Ellis W. Tallman, in their  recently released NBER Working Paper, some were. For several decades prior to the Fed's establishment, Gorton and Tallman note, "private bank clearinghouses provided lending facilities and assisted member banks when they needed help."  The pattern of such…

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