“So you had to go to a hit piece from a liberal newspaper to get the incorrect use of the word bailout and a fictional statement of the cost.”
So here is a hit piece from the FDIC. Here is an excerpt from the FDIC papers.
http://www.fdic.gov/bank/historical/s&l/
1989—President Bush unveils S&L bailout plan in February. In August, Financial Institutions Reform Recovery and Enforcement Act (FIRREA). FIRREA abolishes the Federal Home Loan Bank Board and FSLIC, switches S&L regulation to newly created Office of Thrift Supervision. Deposit insurance function shifted to the FDIC. A new entity, the Resolution Trust Corporation is created to resolve the insolvent S&Ls.
It’s still a poor word choice. The fact is the money went to pay depositors on their insured deposits. You can look at it as the government bailing out its own insurance company, but the industry itself was not nor were any of its institutions bailed out.