Very true, the Great Depression saw how that hurt the economy with everyone pulling their cash out of their accounts. It's a domino effect that if pushed, we'll be seeing another Great Depression. Definitely needs to happen so that people continue to have confidence in our banking system overall.

If not, banks will call their loans due (mortgages, private loans, secured debt, etc) and if you don't got the money to pay them... you're either foreclosed, sued, or will be Chapter 11 or 13. Let's hope that we learn from our past and not go through this same cycle.