The Savings and Loan Banking Crisis: George Bush, the CIA, and Organized Crime

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1992 – The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of about 747 out of the 3,234 savings and loan associations in the United States. A savings and loan or “thrift” is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members—a cooperative venture known in the United Kingdom as a Building Society. “As of December 31, 1995, RTC estimated that the total cost for resolving the 747 failed institutions was $87.9 billion.” The remainder of the bailout was paid for by charges on savings and loan accounts — which contributed to the large budget deficits of the early 1990s.

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–91 economic recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, which was at the time the lowest rate since World War II.

 

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The Business of War: SOFEX , 4.8 out of 5 based on 5 ratings
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The Business of War: SOFEX

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SOFEX is where the world’s leading generals come to buy everything from handguns to laser-guided missile systems. It stands for “Special Operations Forces Exhibition Conference” and it’s essentially a trade-show where just about anyone with enough money can buy the most powerful weapons in the world.

Hosted by Shane Smith | Originally released in 2012 at http://vice.com
 

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The Business of War: SOFEX , 4.8 out of 5 based on 5 ratings

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