Posted on 01/22/2009 3:09:01 AM PST by expat_panama
OK now I rember some of that. Thanks. I do remember after the UAB and SIBC failed people were dumping their City and County or C&C business names.. To some the Butchers were saints and still are to them.. To many more they took nearly every dime they had.
It's a difficult comparsion because there were so many smaller banks back then but my recollection is that there were about 80 failures that year. That's probably right plus or minus 5. Until the total and complete melt down of the S&L mess there weren't any big institutions that failed until 1984 when Continental Illinois, at around $40 billion, folded.
I reckon that's why 574 failed in 1989 alone with, what, about 2,000 failing during the entire S&L meltdown?
True, but we were still recovering from the one that occupied it two years prior (Carter.)
I remember 1982. I graduated college early and was job hunting into early 1983. Took me 9 months to find a job back then, it was horrible.
I know the numbers today aren't as bad as back then, but boy it sure does feel like it. My heart goes out to those who've been looking for employment.
These were small s&L ‘s involved with bad Realestate projects mostly...not even comparable to our situation...of credit default swaps and 60-1 leverage.
It was the systematic and deliberate sacking of the S&L system with hundreds, if not thousands, of criminal prosecutions.
Whitewater, for instance, wasn't just another "bad real estate project".
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