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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (417702)6/23/2003 11:57:32 AM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
For many years, deposit insurance at S&Ls was only for - I believe - $40,000.

Then, Congress in the Reagan admin. raised the limit to $100,000.

When S&Ls started collapsing, Congress voted to bail EVERYONE out, no matter how many millions they had in the banks... and totally ignored the insurance limits.

The American taxpayers, of course, are responsible for paying off the bonds... and the cost is already over ONE TRILLION DOLLARS, and still climbing.
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