Keating 5?

[FrenchieCat]

Ripening on the vine?

Rated as the largest bail out by the American taxpayer until the current disaster and the biggest financial disaster to hit America since the great depression.

Can we agree that the current situation has a lot of Deja Vu present?

I am noticing more talk comparing the current situation to the Savings & Loan Scandal.

The U.S. Savings and Loan Crisis
Bailout date: August 1989
Amount: Estimates vary widely, but $200 billion (in 2008 dollars) is a reasonable figure.

What happened: The “S&L” debacle of the late ’80s and early ’90s was long in the making and long in the unwinding. U.S. taxpayers were first put on the hook when then President George H.W. Bush (right) signed the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which radically reformed the savings and loan industry and federal regulations. When the dust finally settled in 1995, more than 1,000 small lending institutions known as “savings and loans,” also called “thrifts,” had failed. Half of the federally insured thrift institutions in the United States had gone under in less than a decade, and the associated slowdown in new home construction and the financial fallout contributed to the 1990-1991 recession. The underlying causes of the S&L crisis are complex and disputed, but most scholars generally agree that high, volatile interest rates, reckless lending practices, rapid deregulation, and lax oversight paved the way for the greatest banking disaster since the Great Depression.
http://www.foreignpolicy.com/story/cms.php?story_id=4470