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The Savings and Loan Crisis

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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 What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans.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.

Thirft Savings Plan : A Practical Guide to the TSP

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Find Thirft Savings Plan by Kirk G. Meyer in Paperback and other formats in Business & Economics > Personal Finance - Retirement Planning.

The Frugal Computer Buyer's Guide to Savings : Build Your own Computer at Home

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Find The Frugal Computer Buyer's Guide to Savings by Jennifer Curtiss in Paperback and other formats in Reference > Consumer Guides.

PandaHall Reusable Plastic Budget Envelopes for Cash Savings, with Budget Sheets, Label Stickers and Organizer Wallet, Mixed Color, Fruit...

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Reusable Plastic Budget Envelopes for Cash Savings, with Budget Sheets, Label Stickers and Organizer Wallet, Mixed Color, Fruit PatternSize:Envelope: 83mm long, 165mm wide, 2.7mm thick, 12pcs;Budget Sheet: about 80mm long, 155mm wide, 0.1mm thick, 12pcs;Label Stickers: about 160mm long, 80mm wide, 0.2mm thick, tags: 50x18mm, 12pcs/sheet, 2 sheets;Organizer Wallet: 111mm long, 177mm wide, 34mm thick, 1pc.

Budget Binder With Zipper Envelope Expense Tracker Cash Register Budgeting Cash Envelope System Savings Binder With Cash Envelopes Budget Binder With

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Pink PU Leather Planners size features areBust Length Sleeve Length

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