One Lesson Learned from the Bank Panics of the Early

Multiple Choice

One lesson learned from the bank panics of the early 1930's is:

A) the lender of last resort function almost guarantees that bank panics are a thing of the past.
B) the mere existence of a lender of last resort will not keep the financial system from collapsing.
C) only the U.S. Treasury can be a true lender of last resort.
D) the financial system will collapse without a lender of last resort.