--- title: "Meaning & Key Takeaway of: Starting in 1792 with George Washington…" description: "\"“Starting in 1792 with George Washington, there were financial crises every ten to fifteen years. Panics, bank runs, credit freezes, crashes, depressio..." image: "https://sms4smile.com/quotes/i/d2d/elizabeth-warren-879_customer_starting-in-1792-with-george-washington_1741631.png" --- # Starting in 1792 with George Washington, there were… ![“Starting in 1792 with George Washington, there were financial crises every ten to fifteen years. Panics, bank runs, credit freezes, crashes, depressions. People lost their farms, families were wiped out. This went on for more than a hundred years, until the Great Depression, when Oklahoma turned…” quote by Elizabeth Warren](https://sms4smile.com/quotes/i/d2d/elizabeth-warren-879_customer_starting-in-1792-with-george-washington_1741631.png) [Download](https://sms4smile.com/quotes/i/d2d/elizabeth-warren-879_customer_starting-in-1792-with-george-washington_1741631.png) [Open image](https://sms4smile.com/quotes/i/d2d/elizabeth-warren-879_customer_starting-in-1792-with-george-washington_1741631.png) > ““Starting in 1792 with George Washington, there were financial crises every ten to fifteen years. Panics, bank runs, credit freezes, crashes, depressions. People lost their farms, families were wiped out. This went on for more than a hundred years, until the Great Depression, when Oklahoma turned to dust. "We can do better than this." Americans said. "We don't need to go back to the boom-and-bust cycle." The Great Depression produced three regulations: The FDIC-your bank deposits were safe. Glass-Steagall-banks couldn't go crazy with your money. The SEC-stock markets would be tightly controlled. For fifty years, these rules kept America from having another financial crisis. Not one panic or meltdown or freeze. They gave Americans security and prosperity. Banking was dull. The country produced the greatest middle class the world had ever seen.”” [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote outlines recurring financial crises in U.S. history, the reforms after the Great Depression, and their long‑term stabilizing effect. **In simple terms:** Past crises led to reforms that kept later decades stable. Key Takeaway Learn from history to protect the economy. Themes history economics regulation stability inequality Mood cautious reflective optimistic Type historical policy educational When to use this quote - policy making - financial education - investment decisions - risk assessment Key Concepts financial cycles government policy consumer protection market oversight Questions to Reflect On - What modern risks could undermine current safeguards? - How can we update regulations without stifling growth? A Different Perspective Reforms can become outdated; new threats may arise. ★ ★ ★ ★ ★ No ratings yet [Crises Years](https://sms4smile.com/quotes/about/crises-years-1524725/) [Customer](https://sms4smile.com/quotes/about/customer/) [Fifteen years](https://sms4smile.com/quotes/about/fifteen-years/) [Financial Crises](https://sms4smile.com/quotes/about/financial-crises-580402/) [Financial crisis](https://sms4smile.com/quotes/about/financial-crisis/) [George w](https://sms4smile.com/quotes/about/george-w/) [Great depression](https://sms4smile.com/quotes/about/great-depression/) [Middle class](https://sms4smile.com/quotes/about/middle-class/) [Money](https://sms4smile.com/quotes/about/money/) [Regulations Fdic](https://sms4smile.com/quotes/about/regulations-fdic-1524724/) ## Related quotes > [Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones…](https://sms4smile.com/quotes/bob-frank/ever-since-the-great-depression-economists-have-known-that-demand/) [Bob Frank](https://sms4smile.com/quotes/author/bob-frank/) > [“This crisis didn’t have to happen. 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