Page 172 - Ready Set Retire

Stephen J. Kelley

Department of Commerce, during the time of the Great
Depression the insurance industry pumped over $18 billion
into the nation’s economy. If you adjust the dollars based on
percentage of GDP, using the average GDP of the 10 years of
the Great Depression, that equates to around three to six
trillion in today’s dollars! Simultaneously its assets and ability
to pay actually increased from:

1929………………………………$18,010,000,000

1934………………………………$23,334,308,702

Representing a gain of $5,324,308,702

The FDIC is a government agency tasked with insuring
depositors against the over-leveraging that is at the core
operating principle of the American banking system, and
which caused the crash of the thirties and later the 2000s.
During the 30s the insurance industry rescued the United
States economy. During the crash of 2008 when hundreds of
banks failed (despite FDIC insurance) most insurance carriers
had their ratings reaffirmed by the ratings agencies. And once
again, not one person in a fixed annuity or life policy lost a
dime in the melt down.

Even AIG, which was at the heart of much of the problem
with its plan to corner the market on credit default swaps, had
its life and annuity division's (American General Life) ratings
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