Saturday, October 4, 2008

In 1986 U.S. Tax Payers Bailed Out the Savings and Loan Industry to the Tune of $160 billion over Ten Years

By today's inflated standards that's about $300 billion, or about a third of the total amount of the bailout (sweeteners added) passed last night by the U.S. House of Representatives.

It's a good day to stay rich.

The 1986 bailout was a notable chunk of change. The world did not end. It won't end this time, either. Chicken Little, you may take a nap.

But Robin Hood, where art thou? The savings and loan "crisis" of the 1980s has another thing in common with today's version: it was all about usury, or improper lending.

Read the Wikipedia article here.