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Pastimes : Let's Talk About Our Feelings!!!
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To: greenspirit who wrote (24608)8/27/1998 1:51:00 AM
From: Krowbar  Read Replies (1) of 108807
 
Michael, Once again you made a wrong assumption. I rarely watch Larry King. The last time was about 2 years ago.

I don't "believe" that the S&Ls were mostly ripped off by Republicans. I drove by several S&Ls that were having real estate "meetings" around the Austin area during the early 80's, and virtually every car had a Reagan/Bush sticker. Properties were being "flipped" every few months amongst basically the same group of people, with the S%Ls putting up 100% of the financing cost, for about 10% of the action when a property "sold". The profits were syphoned off every few months by "investors" who usually didn't risk a dime. I was trying to build a motel North of Austin, and had to give up when land prices went up to $10 a square foot. The S&Ls didn't fail because of the economy. They were robbed pure and simple, and virtually nobody was punished, or had to return the millions stolen. If it had been a Mexican with a toy pistol getting $1000, he would have gotten life, but we are talking about white collar crime here. You just scold them.

Some of these same people, by the way, mounted a successful campaign to stop the local video store from renting adult videos. It was a good diversionary tactic. Keating also used it.

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