Title:	The Savings and Loan crisis: Lessons from a regular failure
Authors:	James R. Barth, Susanne Trimbath, and Glenn Yago
Keywords:	Development
Issue Date:	2004
Publisher:	Milken Institute
Description:	Journalism, it has been said, is history’s first draft. Consequently, the passage of time permits more measured analysis and data to emerge and inform our understanding of events. The conventional wisdom about the causes and consequences of the “savings and loan crisis,” as it came to be understood by contemporary writers, has been so seriously distorted by the legal, political and media battles in the 1980s, it is necessary to sheer away the hype and hysteria surrounding the industry’s collapse and later recovery. This volume presents diverse perspectives unified by a dispassionate assessment of the empirical evidence about what actually occurred during this important period of U.S. financial history. Depending on the analyst and the particular ax he or she chose to grind, the savings and loan crisis was caused by brokered deposits, high yield bonds, daisy chain real estate transactions, mortgage-backed securities, fixed-rate home mortgages or deposit insurance. The theme of these often lurid stories was usually the danger posed to society by high-tech gambling with financial instruments.1 These popular intrigues, as we shall see, explained little of the reality behind the extraordinary costs of the savings and loan crisis.
URI:	http://10.6.20.12:80/handle/123456789/27370
ISBN:	1-4020-7898-6
Appears in Collections:	Regional and Local Development Studies

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