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

To: Charles Tutt who wrote (282309)	7/31/2002 12:42:07 PM
From: DuckTapeSunroof	Respond to of 769670

Whether that was done after or before the crisis in '84 - '85, the deposit insurance limit was the same. S&L crisis & bailout was another example of Congress screwing things up. First: they allowed S&Ls to venture into risky business (for which those bozos were totally unequiped), then they RAISED the deposit insurance limit. When the crisis struck, they panicked and made things worse by paying off ALL deposits (even those beyond the insurance limit! What a great deal! Imagine I have $100,000 insurance on my $500,000 home... which burns down... then my insurance company gladly decides to pay the whole loss off - even though I'm not covered. Yeah, that'll really happen :) By just sticking the 1/2 $Trillion debt on the taxpayers, Congress assured themselves that their campaign contributor base would still pay off.