Land of the Free WILLIAM F. RICKENBACKER Down with Q!
Regulation Q is a bit of folly made into law in 1933 and administered by the Federal Reserve System. It establishes maximum interest rates paid on time deposits and savings deposits in commercial banks, and it prohibits the payment of interest on checking account deposits. As with every known example of governmental intervention in free markets, the objective seems acceptable, the method sounds adequate, and the results are unmitigated disaster. Gore follows:
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