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Politics : Al Gore vs George Bush: the moderate's perspective -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (2366)	10/13/2000 6:11:15 PM
From: Selectric II	Read Replies (1) \| Respond to of 10042

Great post, factual and informative. The kicker was the provision whereby federal insurance was increased from $40K to $100K per account, shifting the risk of all this irresponsibility from those who engaged in it, to those of us who wound up paying for it. "March, 1980--Depository Institutions Deregulation and Monetary Control Act (DIDMCA) enacted. The law is a Carter Administration initiative aimed at eliminating many of the distinctions among different types of depository institutions and ultimately removing interest rate ceiling on deposit accounts. Authority for federal S&Ls to make ADC (acquisition, development, construction) loans is expanded. Deposit insurance limit raised to $100,000 from $40,000. This last provision is added without debate." Your cited authority shows that the law was a Carter Administration initiative, taken in March, 1980. I've been told that Jim Wright (Democrat - Tx), who was Speaker of the House, was responsible for the federal insurance provision. Notwithstanding the foregoing, no doubt AS will take issue with the facts <g>.

To: Hawkmoon who wrote (2366)	10/13/2000 9:41:21 PM
From: American Spirit	Read Replies (1) \| Respond to of 10042

Reagan signed the law and it all happened during his watch. I'm an expert on the history of it so don't try bblaming this (like everything else) on the Dems. There were some guilty Dems too, especially in Texas and Louisiana, but the ones in charge were the Reaganites. They issued themselves a licence to steal hundreds of billions from tax-payers. A few went to jail. Most got clean away with it. White-collar crime has never had betters days in American.