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Politics : PRESIDENT GEORGE W. BUSH
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To: American Spirit who wrote (158257)7/6/2001 4:13:02 PM
From: aknahow  Read Replies (1) of 769667
 
While neither side will like this answer the crisis was caused by an increase in the share deposit coverage to $100,000 which permits far more when joint accounts are included. Probably both sides voted to increase the coverage.

One of the misunderstood consequences of trying to make individual depositors feel safe without having to check into the safety or management of an institution at all. The S & L offering the highest rate got the deposits.
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