When Uncle Sam owned banks and factories

This episode of NPR's The Indicator from Planet Money explores the history of the Reconstruction Finance Corporation (RFC), a government-run entity active from 1932 to 1953. Through an interview with economist Chris Hughes, the podcast details the RFC's three phases: initial emergency lending to banks during the Great Depression, subsequent investment in various industries (including housing, leading to the creation of Fannie Mae and the 30-year mortgage), and finally, its role in financing World War II efforts, particularly synthetic rubber production. The episode discusses the RFC's impact on the American economy, the controversies surrounding its risk-taking, and its lasting legacy in various government agencies and programs, while also touching upon the broader debate about government intervention in the free market.