Savings and Loan Debacle.
The insolvencies of hundreds of savings and loan associations (S&Ls) in the 1980s, one of the major financial disasters of American history, cost American taxpayers about $150 billion. The debacle's origins lay in federal and state regulation of S&Ls, which restricted them to accepting savings deposits and making long-term fixed-interest residential mortgage loans (“borrowing short and lending long”). When interest rates rose sharply in the late 1970s, these institutions faced a financial squeeze.... ...
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