In contrast to other bubble episodes, the upside lay almost wholly in the response it stimulated. As part of the New Deal, the Roosevelt Administration and Congress created a new financial infrastructure for the nation: the Federal Deposit Insurance Corporation, which made it safe for people to bank again, the Securities and Exchange Commission, which made it safe for people to invest again, and the Investment Company Act, which laid the foundation for the modern asset management business. This infrastructure helped bring into being the nation's capital-intensive, credit-driven economy and paved the way for America's global financial dominance in the second half the 20th century.
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