S & L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal

Nonfiction, History, Americas, United States, 20th Century
Cover of the book S & L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal by Kathleen Day, W. W. Norton & Company
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Author: Kathleen Day ISBN: 9780393242492
Publisher: W. W. Norton & Company Publication: May 17, 1993
Imprint: W. W. Norton & Company Language: English
Author: Kathleen Day
ISBN: 9780393242492
Publisher: W. W. Norton & Company
Publication: May 17, 1993
Imprint: W. W. Norton & Company
Language: English

The savings and loan debacle is the costliest scandal in the country's history. How could such a catastrophe have occurred?

The most remarkable thing about the collapse of the savings and loan industry is that so many of the major participants--the regulators, politicians, and S&L operators themselves--chose to do nothing as they watched problems mount and taxpayer liabilities grow. That choice was dictated by a variety of motives: greed, political self-interest, and even (sometimes) misguided good intentions. Whatever the motives, this collective interest in hiding the debacle made it certain that the industry's final fall would come with an enormous bang, one that would force administrations that professed a free market philosophy essentially to nationalize a majority of the nation's thrifts. As a result, the industry in many respects became one of the best examples of socialism in the U.S. economy.

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The savings and loan debacle is the costliest scandal in the country's history. How could such a catastrophe have occurred?

The most remarkable thing about the collapse of the savings and loan industry is that so many of the major participants--the regulators, politicians, and S&L operators themselves--chose to do nothing as they watched problems mount and taxpayer liabilities grow. That choice was dictated by a variety of motives: greed, political self-interest, and even (sometimes) misguided good intentions. Whatever the motives, this collective interest in hiding the debacle made it certain that the industry's final fall would come with an enormous bang, one that would force administrations that professed a free market philosophy essentially to nationalize a majority of the nation's thrifts. As a result, the industry in many respects became one of the best examples of socialism in the U.S. economy.

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