There have been no major banking panics in the U.S. since the creation of the Federal Reserve System

A subsidy is defined as

a. a payment that must be made to the government whenever a good or service is sold. b. the number of trades that are eliminated from a market when a tax is imposed. c. the difference between total revenue and total cost for a business firm. d. a payment to either the buyer or seller of a good or service, usually on a per-unit basis, when a good or service is purchased.

A mortgage interest deduction would be considered

a. tax evasion. b. a subsidy to the poor. c. a deduction that benefits all members of society equally. d. a tax loophole.