Reagan came to office in 1981 and soon after he presided over the dramatic deregulation of the nation’s savings and loan industry allowing S&Ls to end their reliance on home mortgages and engage in an orgy of commercial real estate speculation. The result was widespread corruption, mismanagement and the collapse of hundreds of thrift institutions that ultimately led to a taxpayer bailout that cost hundreds of billions of dollars.
Senior. When Reagan de-regularized the Saving Banks he invited them for game of corruption.
When George W Bush administration abandoned its role to over watch the mortgage banks it invited crises as we see now.
The ultra-ultra conservatives refuse to concede that without government supervision their will be corruption.
Nac. Do not get personal.
Bo. The Dems respect the role of the government. The Repub mantra is that the Government is the source of all evil. Now George W Bush who is Born Again ultra conservative did very bad job to monitor the mortgage industry bringing with it the crises we are in.
No one is talking about the Air Lines and I am not going to fall into this diversion trap.
Presidents don’t make borrowers stupid. Borrowers get that way all by themselves.
history does nothing but repeat itself. where have you been?
if youre going to bring up deregulation of the loans and saving industry, im gonna have to bring up the fact that in 1999 Bill Clinton rescinded the law passed in 1933 which prohibits mortgage and loan companies from investing money in stock markets. the very pen he used to sign the bill, he gave framed to the CEO of Countrywide. and look where that got them and us…
If you are going to bring up deregulation, didn’t Jimmy Carter deregulate the airlines and cause all of the problems that we have today?