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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Selectric II who wrote (250407)	4/24/2002 1:53:51 AM
From: American Spirit	Read Replies (2) \| Respond to of 769670

The concentration of power within the oil business is the most imbalanced situation I've ever seen in my life. If you're for balance of power and checks and balances then you should be calling on Cheney to release his energy papers re" Enron and others. if you don't agree you're a hypocrite. In case you hadn't noticed, if not for Jeffords, the oil patch would be controlling our entire government. We came that close to giving Bush-Enron-Cheney a green-light to take over and dictate policy. That is the only domestic threat I can see now.

To: Selectric II who wrote (250407)	4/25/2002 12:35:26 AM
From: Krowbar	Read Replies (2) \| Respond to of 769670

Looting of the S&Ls chronology The first big mistake.... December, 1982--Garn - St. Germain Depository Institutions Act of 1982 enacted. This Reagan Administration initiative is designed to complete the process of giving expanded powers to federally chartered S&Ls and enables them to diversify their activities with the view of increasing profits. Major provisions include: elimination of deposit interest rate ceilings; elimination of the previous statutory limit on loan to value ratio; and expansion of the asset powers of federal S&Ls by permitting up to 40% of assets in commercial mortgages, up to 30% of assets in consumer loans, up to 10% of assets in commercial loans, and up to 10% of assets in commercial leases. (Reagan's) Remarks on Signing the Garn-St Germain Depository Institutions Act of 1982 October 15, 1982 Thank you all very much, and thank you for joining us to sign this historic reform. This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. It's proconsumer, granting small savers greater access to loans, a higher return on their savings. And when combined with recent sharp declines in interest rates, it means help for housing, more jobs, and new growth for the economy. All in all, I think we hit the jackpot. (A lot of Republicans sure disproportionately hit the jackpot. I repeat that I saw mostly Reagan/Bush stickers on the cars of those making deals at the S&Ls. I was in the Austin area at the time (Round Rock)because I was going to build a motel there. The land prices were doubling monthly as land was flipped among the same group of people, who got even bigger 100% loans from the S%Ls (us). I gave up on the idea of the motel because land prices became outragious.) Let me just divert here for a moment to underline the importance of something that we've been saying since our administration took over. Bringing down inflation brings down interest rates which brings backs the economy. And what a better way to cap off a big week of momentum toward recovery than this morning's Producer Price Index report -- down another one-tenth of 1 percent last month, and up only 3.1 percent so far this year. If that rate holds steady, it'll be the best performance in 10 years. Now, this bill also represents the first step in our administration's comprehensive program of financial deregulation. I particularly want to commend the leadership of the chairman, Senator Garn, and Chairman St Germain, along with Secretary Regan and his fine team at Treasury. They did a remarkable job forging a consensus within the Congress and among affected industries in favor of the bill's deregulatory provisions. I'd like to also thank Congressmen Stanton, Wylie, and LaFalce for their assistance. What this legislation does is expand the powers of thrift institutions by permitting the industry to make commercial loans and increase their consumer lending. It reduces their exposure to changes in the housing market and in interest rate levels. This in turn will make the thrift industry a stronger, more effective force in financing housing for millions of Americans in the years to come. Unfortunately, this legislation does not deal with the important question of delivery of other financial services, including securities activities by banks and other depository institutions. But I'm advised that many in the Congress want to put this question at the top of the banking deregulatory agenda next year, and I would strongly endorse such an initiative and hope that at the same time, the Congress will consider other proposals for more comprehensive deregulation which the administration advanced during the 97th Congress. Thank you all again. I'm very pleased to sign this Garn-St Germain Depository Institutions Act of 1982. Note: The President spoke at 11:03 a.m. at the signing ceremony in the Rose Garden at the White House. As enacted, H.R. 6267 is Public Law 97 - 320, approved October 15. December, 1982--In response to the massive defections of state chartered S&Ls to the federal system, Nolan Bill passes in California. Allows California-chartered S&Ls to invest 100% of deposits in any kind of venture. Similar plans adopted in Texas and Florida. 1983--Lower market interest rates return many S&Ls to health. 35% of institutions, however, still sustain losses. 9% of all S&Ls (representing 10% of industry assets) are insolvent by GAAP standards. March, 1984--Failure of Empire Savings of Mesquite, TX. "Land flips" and other criminal activities are a pattern at Empire. This failure would eventually cost the taxpayers approximately $300 million. We know the rest of the story. I stand by my original statement. The S&L looting was mostly the result of REAGAN'S simplistic, failed economic policy. Reagan was the main cheerleader for deregulating the S&Ls. He made many impassioned speeches to the public before the deregulation was done, which were similar to his statements above on the signing of Garn-St Germain. Let's not have the revision of history here. Del