The Savings and Loan Crisis: Lessons from a Regulatory Failure sets
the record straight about what actually happened to our banking
institutions in the 1980s. As is documented by the highly respected
and diverse group of former regulators, scholars and practitioners
contributing to this book, the collapse of this industry was caused
by a confluence of adverse economic conditions and misguided
regulatory decisions. Poorly designed deposit insurance, faulty
supervision, and restrictions on investments prevented savings and
loans from adapting to a changing financial marketplace. Unable to
use financial innovations, savings and loans could not hedge
interest rate and credit risks. These factors blocked portfolio
diversification and lay at the root of the crisis.
The savings and loan crisis was an accident, but it was an
avoidable one. Most of the factors responsible for causing and
exacerbating the industry's problems were preventable, as is made
clear in this volume.
This book also provides an insider's view of the transformation
of the financial services industry in the United States since the
1980s: how the managers and owners make decisions about product
offerings and investments; how the regulators monitor performance
and enforce the rules; and how Congress and the Administration
influence and are influenced by the financial services
industry.
Lastly, it focuses attention on the lessons that should have
been learned from this difficult period in the history of U.S.
banking, and that should help prevent future banking crises
everywhere.
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