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The Savings and Loan Crisis - Lessons from a Regulatory Failure (Paperback, Softcover reprint of the original 1st ed. 2004)
Loot Price: R4,504
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The Savings and Loan Crisis - Lessons from a Regulatory Failure (Paperback, Softcover reprint of the original 1st ed. 2004)
Series: The Milken Institute Series on Financial Innovation and Economic Growth, 5
Expected to ship within 10 - 15 working days
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Robert L. Bartley Editor Emeritus, The Wall Street Journal As this
collection of essays is published, markets, regulators and society
generally are sorting through the wreckage of the collapse in tech
stocks at the turn of the millennium. All the more reason for an
exhaustive look at our last "bubble," if that is what we choose to
call them. We haven't had time to digest the lesson of the tech
stocks and the recession that started in March 2001. After a
decade, though, we're ready to understand the savings and loan
"bubble" that popped in 1989, preceding the recession that started
in July 1990. For more than a half-century, we can now see clearly
enough, the savings and loans were an accident waiting to happen.
The best insurance for financial institutions is diversification,
but the savings and loans were concentrated solely in residential
financing. What's more, they were in the business of borrowing
short and lending long, accepting deposits that could be withdrawn
quickly and making 20-year loans. They were further protected by
Regulation Q, allowing them to pay a bit more for savings deposits
than commercial banks were allowed to. In normal times, they could
ride the yield curve, booking profits because long-term interest
rates are generally higher than short-term ones. This world was
recorded in Jimmy Stewart's 1946 film, It's a Wonderful Life.
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