The Savings and Loan Banking Crisis: George Bush, the CIA, and Organized Crime
|The Savings and Loan Banking Crisis: George Bush, the CIA, and Organized Crime
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of about 747 out of the 3,234 savings and loan associations in the United States. About the book: https://www.amazon.com/gp/product/1561712035/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1561712035&linkCode=as2&tag=tra0c7-20&linkId=5a4bfa3c7e7e8c1104831acd81c8fd71
A savings and loan or “thrift” is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members—a cooperative venture known in the United Kingdom as a Building Society. “As of December 31, 1995, RTC estimated that the total cost for resolving the 747 failed institutions was $87.9 billion.” The remainder of the bailout was paid for by charges on savings and loan accounts — which contributed to the large budget deficits of the early 1990s.
The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–91 economic recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, which was at the time the lowest rate since World War II.
The United States Congress granted all thrifts in 1980, including savings and loan associations, the power to make consumer and commercial loans and to issue transaction accounts. Designed to help the thrift industry retain its deposit base and to improve its profitability, the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1980 allowed thrifts to make consumer loans up to 20 percent of their assets, issue credit cards, accept negotiable order of withdrawal (NOW) accounts from individuals and nonprofit organizations, and invest up to 20 percent of their assets in commercial real estate loans.
The damage to S&L operations led Congress to act, passing the Economic Recovery Tax Act of 1981 (ERTA) in August 1981 and initiating the regulatory changes by the Federal Home Loan Bank Board allowing S&Ls to sell their mortgage loans and use the cash generated to seek better returns soon after enactment; the losses created by the sales were to be amortized over the life of the loan, and any losses could also be offset against taxes paid over the preceding 10 years. This all made S&Ls eager to sell their loans. The buyers—major Wall Street firms—were quick to take advantage of the S&Ls’ lack of expertise, buying at 60%-90% of value and then transforming the loans by bundling them as, effectively, government-backed bonds (by virtue of Ginnie Mae, Freddie Mac, or Fannie Mae guarantees). S&Ls were one group buying these bonds, holding $150 billion by 1986, and being charged substantial fees for the transactions.
In 1982, the Garn-St Germain Depository Institutions Act was passed and increased the proportion of assets that thrifts could hold in consumer and commercial real estate loans and allowed thrifts to invest 5 percent of their assets in commercial loans until January 1, 1984, when this percentage increased to 10 percent.
A large number of S&L customers’ defaults and bankruptcies ensued, and the S&Ls that had overextended themselves were forced into insolvency proceedings themselves.
The Federal Savings and Loan Insurance Corporation (FSLIC), a federal government agency that insured S&L accounts in the same way the Federal Deposit Insurance Corporation insures commercial bank accounts, then had to repay all the depositors whose money was lost. From 1986 to 1989, FSLIC closed or otherwise resolved 296 institutions with total assets of $125 billion. An even more traumatic period followed, with the creation of the Resolution Trust Corporation in 1989 and that agency’s resolution by mid-1995 of an additional 747 thrifts.
A Federal Reserve Bank panel stated the resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse selection incentives that compounded the system’s losses.
There also were state-chartered S&Ls that failed. Some state insurance funds failed, requiring state taxpayer bailouts.
http://en.wikipedia.org/wiki/Savings_and_loan_crisis
The Savings and Loan Banking Crisis: George Bush, the CIA, and Organized Crime
The Savings and Loan Banking Crisis: George Bush, the CIA, and Organized Crime
great video
Finally—proof that this has been going on 4 a longer time that the masses thought!
Iib ,,
I SMELL COURTROOM DRAMA .. AFTER THE NDAA AND PATRIOT ACT ARE PUT TO GOOD AND PROPER USE .. NAILING THESE BASTARDS WITH A NICE TIGHT INDICTMENT WILL BRING JOY TO AMERICA .. AND MEGA RATINGS FOR THE BROADCASTERS THAT TELEVISE THE TRIALS .. LOL, YUMMY!!!
BANKS WERE ALSO INVOLVED ALONG WITH WESTERN UNION WITH NIGERIAN CHECK SCHEMES .. OUT OF MONTREAL
WAIT UNTIL YOUR CHECK IN THE MAIL CLEARS WHEN YOU GO TO CASH IT .. THIS WAY YOU WON'T SPEND MONEY YOU DON'T HAVE .. AND YOU WON'T BE IN DEBT TO YOUR BANK – AS GENEROUS AS THEY ARE ALLOWING YOU, AS AN ACCOUNT HOLDER, TO TAKE THE CASH RIGHT AWAY ..
WHEREVER THERE'S MONEY, YOU SHOULD EXPECT "SCHEISTERS" ..
ASK NOT WHAT HAPPENED BUT WHY WHAT HAPPENED ISN'T BEING PROSECUTED .. ASK WHERE ARE THE ARRESTS .. ASK AND ASK AGAIN UNTIL THERE'S A SATISFACTORY ANSWER
why the constant yelling.
hence the media. why would they ask a real/tough question, when they'll loose their job?
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Shing shingle
im not deaf, just ignoring you.
OH, OKAY
That scheme cost the American Taxpayer 1 million dollars a day for 500 years….think about that!
Island of Jersey-..huge corruption protected by the Queen of England….
Unbelievable…total corruption….
I just bought the book..
this material is so important…
Book sales must be tough, especially since this story has to be put online.
Mafia?, CIA?, president?
proof that USA is the most corrupt country
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True America has a lot of crooked SOB"s in charge. The queen of England is also a real monster. What about The Mohawk Institue in Canada which she and Pope Ratzinger ran.
The Mohawk Institute in Canada. The queen and Pope Ratzinger both charged with human traffiking and genocide, yet the mainstream public never knew. The damn Bushes and their Bohemian Grove antics. Israel and all their egyptian crap Is-(Isis egyptian throne god) Ra-(sun god) El (god of earth and wind). Everything is all messed up. If you want to see something really strange look up "fetus in a jar" with Barbara Bush interview. All the people in charge are evil SOB's.
hmmm. …no doubts!
Lol bitchs
CIA and the MAfia people ? no way ! John Brennan is going to clean it up. That Rodriguez might be over there in Miami water boarding and drowning people.
Ei
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If you come here, then TRAFFIC – works
They say they are anti-racist. What they are is anti–White. Anti–racist is a codeword for anti-White.
i was demolition contractor on resolution trust corp asnd silverado bank
“the S&L “crisis” was a $160 billion ripoff by the mob, the CIA and George Bush and Sons” – the CIA looted at least 22 S&L’s as a means of funding the Contras after they were cut off by Congress with the Boland amendment. Papa Bush was instrumental in deregulating the S&L’s in order to facilitate the looting. Thanks for exposing this. I read about the S&L scam in the Nation when it was a newly breaking story, but I don't recall any mention of the CIA connection in that lengthy article.
“The Mafia, CIA & George Bush [review]
By Joseph A Olson, PE on September 12, 2010
I bought my first copy of Pete Brewtons “The Mafia, CIA & George Bush” in the election season of 1992 from the author at a folding table set up in front of the Harris County Courthouse. Retail sales of this accurate history were deemed ‘inflammatory’ and barred from major booksellers inventory. I was a newly registered engineer in the eighties and had direct, personal knowledge of at least a dozen individuals and over fifty of the fraudulent real estate tranactions that are documented by Mr Brewton.
I was introduced to the concepts of “other peoples money” and “creative bankruptcy” by these very players, years before these terms were part of the popular vernacular. I was a first hand witness to these intentional crimes and am very knowledgable of the processes involved. So endemic was this condition in Houston that it was near impossible to avoid contact with these dirty players. The “S & L Robbery” was the model for the Enron, Dot Com and 2008 Banking TARP frauds that were to follow. I have bought a second copy from Amazon to share with those who are recently awakened to this criminal syndicate presuming to rule the entire world.”
http://www.amazon.com/Mafia-CIA-George-Bush/dp/1561712035/ref=sr_1_1?ie=UTF8&qid=1411817754&sr=8-1&keywords=pete+brewton
Now there is never any investigations, just lie after lie from everyone, politician and media and if a whisper of it hits the public its labeled a conspiracy theory and the public has been conditioned to just believe that and go on with their heads in the sand.
Excellent interview.
just subscribed this channel subscribe back/
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WHY IS THIS ON A BRAZILIAN MUSIC WEB
what in the world
че за хуйня