H.L Mencken wrote some eerily prophetic things and this ranks among his greatest prophecies.
“The federal [bank deposit] insurance scheme has worked up to now simply and solely because there have been very few bank failures. The next time we have a pestilence of them it will come to grief quickly enough, and if the good banks escape ruin with the bad ones it will be only because the taxpayer foots the bill.”
H.L.Mencken, The Baltimore Evening Sun, June 22, 1936
