You still don't get it, do you? First, Congress had to appropriate over $30 billion to bail out the S&L's. This was because the insurance premiums paid by the S&L's to insure the deposits was inadequate to cover the losses. This means they used MY money to pay off bad loans made by the S&L's. That's a bailout. Second, I'm not sure I even agree with the gov't being in the insurance business. Why am I paying Nagin to rebuild New Orleans? I don't see them coming to Indiana to rebuild here after a tornado. To me, that's a bailout for NO. You can call the payments to the S&L's whatever you want, but when they come into my pocket to seek federal tax money to pay to private companies, that's a bailout.
To me as well this is a bail out. And there will need to be more to feed this beast.
We all remember. The government bailed out the S & Ls.
At least you admit the government was an insurer. The money Congress allocated was to meet its obligations as an insurer. The money went to the depositors, and the S&L's were liquidated. That's not a bailout.
Second, I'm not sure I even agree with the gov't being in the insurance business.
There you go again, admitting the government was an insurer.
Why am I paying Nagin to rebuild New Orleans?
Why are you changing the subject? You must feel you are on shakey ground.
I don't see them coming to Indiana to rebuild here after a tornado.
I think the government pays people up to 25k to homeowners for tornado damage if there is widespread damage in an area.
You can call the payments to the S&L's whatever you want,
The payments went to depositors. The S&L's had their assets seized and were liquidated. I don't know why your anger isn't directed toward Paul Volcker who got the whole mess going. You could probably direct some toward LBJ, Nixon and Carter too, for their economic failures helped lead to that situation.
I agree with “econjack.”
It was a BAIL OUT!!!