Tuesday, July 15, 2008

Keating Five and the S&L Crisis


BREAKING NEWS UPDATE!
We almost forgot about
Tentacle Tuesday!

Since this doesn't seem to be getting enough coverage in the interwebs I thought I'd throw this historical reminder out there before returning to doggy blogging.
Here's one of the 5 politicos

who played a role in (Wiki entry below):
The U.S. Savings and Loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government -- that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts-- [1], which contributed to the large budget deficits of the early 1990s. The resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse-selection incentives compounded the system’s losses. [2]
The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990-1991 economic
recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, the lowest rate since World War II. [3]

Perhaps because I love nice hotels and being on vacation, I'm thinking of Paul Auster's Hotel Existence for now.

18 comments:

Ogg the Caveman said...

Murst to say how disgusted I am that someone could play a part in that sort of thing and go on to be successful in politics.

Ogg the Caveman said...

In other news I'm still stuck working (at least it's from home now) and my cat has decided that my inhaler makes a fine toy.

Casey Serin said...

If John McCombover played a large role in the first S&L Crisis, and is now the Republican nominee for President...

Well, maybe since I've played a huge role in the upcoming S&L crisis, I'm on the fast track to becoming POTUS, circa 2030. Sweet!

Maybe I can get the mailman to bird-dog me a VP candidate. ;-)

Edgar Alpo said...

The sheep vote for the guy on tee vee. That's how we got here. The sheep deserve everything bad that happens to them.

Akubi said...

@Ogg,
I'm sorry the W-2 looser job is infringing on your commenting and such.

@Casey,
Casey Serin 2030! Woohoo!

@Edgar,
Well, some of the sheep - say those juggling a number of crappy Wal-mart jobs and kids - may not have the time or energy to stay informed. Do they still deserve what they get?
God, I can't stand looking at McSame's face. I'll have to post something new as soon as I have a minute.

Akubi said...

So effective is the new pill that it's apparently safer than condoms, safer than the female pill, safer than staring at a photo of Ann Coulter for three full, agonizing minutes while your sperm commit mass suicide from sheer horror.

Anonymous said...

Fannie, Freddie spent $200M to buy influence

wagga said...

Good Riddance is gone...

Akubi said...

@Wagga,
I guess it went the way of his former toilet blog. I wonder why he did that...

Akubi said...

I'm not normally a fan of black teas, but this is quite good. Note to self: order it when available.

Akubi said...

We much prefer the politicians who lie about the drugs they obviously did decades earlier in their lives over the ones who mention it in a single line of a book written forever ago.

Akubi said...

Funny comment in the Wonkettethread: She just released her autobiography: “The Audacity of Cheese Fries”.

Edgar Alpo said...

Yes, good riddance is gone. I didn't realize anyone was reading it. I get tired of being pissed off all the time. Thanks for visiting wagga, maybe I'll start another blog sometime.

Edgar Alpo said...

I had a blog titled: "Who's Not an Asshole in America Today" once, maybe something along those lines.

Edgar Alpo said...

Oh, and akubi, if the walmart greeters, checkers, whatever have the audacity to complain to me about the way things are going, then go vote for the incumbent, yes, they deserve whatever they get.

Akubi said...

@Edgar,
I had a blog titled: "Who's Not an Asshole in America Today" once, maybe something along those lines.
Why do you delete them rather than leave them online?

Ogg the Caveman said...

@ Akubi:

So am I. On the one hand, my new job is a whole lot less boring than the old one. On the other hand, I don't have much time to keep up with blogs during the day. Nor do I feel like I can get away with something that's as blatantly not work as writing blog comments.

It doesn't help that everyone and their dog can see my screen.

Edgar Alpo said...

Why do you delete them rather than leave them online?

Because I am an unstable person? I honestly don't know. I had petropest launchpad #1 that had hundreds of posts on it and I deleted it on a whim, got it back, then deleted it again. Totally irrational behavior.