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

To: SecularBull who wrote (369782)	3/11/2003 5:00:55 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 769670

It was lack of regulation that caused the S&Ls to fall. The federal agency charged with oversight failed to regulate.

To: SecularBull who wrote (369782)	3/11/2003 5:03:50 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

Congress created the problem... and then they made it worse, then they made it really bad (and Reagan signed all the bills into law, he wasn't blameless either). All Washington was to blame. It was a bipartisan screwing of the taxpayers, for the benefit of special interests who finance campaigns. First, Congress passed a bill allowing S&Ls to invest in pretty much anything they wanted (including Milkin's junk bond portfolios)... things that they had no expertiese in. Second: Congress raised the federal insurance on S&L deposits up to $100,000 (without increasing the reserve requirements!!!!!!!) Third: when the monster mess inevitably collapsed, Congress voted to bail out ALL depositors for every penny - even if their deposits were millions over the $100K insurance ceiling... and they passed the entire bill to the American taxpayers! When was the last time you suffered a financial loss (say a hurricane wiped out your beach house... and your insurance company called and said "doesn't matter how much insurance you had, we're going to pay off everyone's loss, down to the last dime.")? Right, don't hold your breathe for that one! But when you can just pass all financial losses on to the American taxpayers, hey, who cares? This gutting of the American taxpayers was originally in the $300 B. range, quickly climbed above $500 B. in costs... and will likely cost $1.5 Trillion! (counting interest expenses) before all the federal bonds are retired. Making this the single biggest financial rip-off of the American taxpayer in US history. Nothing else even comes close.