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I nominate her for sainthood!
To the same woman? TIA
Soxie to get out you need to request certs.
Derf who?
The Evil Empire does not speak Bostonian.
Don't you mean twilight zones? we all live in different time zones
Soxie, Shame on you! Lets not re-write history. Carter allowed S&L's to compete on the deposit side. Ronnie signed the "loan" bill. The jackpot line later became a big joke in the cleanup phase.
The Reagan Deregulation Program
Federal requirements that set maximum interest rates on savings accounts were phased out. This eliminated the advantage previously held by savings banks.
Checking accounts could now be offered by any type of bank.
All depository institution could now borrow from the fed in time of need, a privilege that had been reserved for commercial banks. In return all banks had to place a certain % of their deposits in the fed. This gave the FED more control and stabilized state banks.
Garn - St. Germain Act of 1982 allowed savings banks to now issue credit cards, make non residential real estate loans and commercial loans; actions previously only allowed to commercial banks.
http://www.reagan.utexas.edu/resource/speeches/1982/101582b.htm
Remarks on Signing the Garn-St Germain Depository Institutions Act of 1982
October 15, 1982
Thank you all very much, and thank you for joining us to sign this historic reform. This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. It's proconsumer, granting small savers greater access to loans, a higher return on their savings. And when combined with recent sharp declines in interest rates, it means help for housing, more jobs, and new growth for the economy. All in all, I think we hit the jackpot.
Let me just divert here for a moment to underline the importance of something that we've been saying since our administration took over. Bringing down inflation brings down interest rates which brings backs the economy. And what a better way to cap off a big week of momentum toward recovery than this morning's Producer Price Index report -- down another one-tenth of 1 percent last month, and up only 3.1 percent so far this year. If that rate holds steady, it'll be the best performance in 10 years.
Now, this bill also represents the first step in our administration's comprehensive program of financial deregulation. I particularly want to commend the leadership of the chairman, Senator Garn, and Chairman St Germain, along with Secretary Regan and his fine team at Treasury. They did a remarkable job forging a consensus within the Congress and among affected industries in favor of the bill's deregulatory provisions. I'd like to also thank Congressmen Stanton, Wylie, and LaFalce for their assistance.
What this legislation does is expand the powers of thrift institutions by permitting the industry to make commercial loans and increase their consumer lending. It reduces their exposure to changes in the housing market and in interest rate levels. This in turn will make the thrift industry a stronger, more effective force in financing housing for millions of Americans in the years to come.
Unfortunately, this legislation does not deal with the important question of delivery of other financial services, including securities activities by banks and other depository institutions. But I'm advised that many in the Congress want to put this question at the top of the banking deregulatory agenda next year, and I would strongly endorse such an initiative and hope that at the same time, the Congress will consider other proposals for more comprehensive deregulation which the administration advanced during the 97th Congress.
Thank you all again. I'm very pleased to sign this Garn-St Germain Depository Institutions Act of 1982.
Note: The President spoke at 11:03 a.m. at the signing ceremony in the Rose Garden at the White House.
As enacted, H.R. 6267 is Public Law 97 - 320, approved October 15.
Sox, I was there. I dealt with an S&L that went bust in western MA. You have to remember though that banks didn't hold fixed residential paper.
Granted people lost their houses, but the collapse the the S&L's and BNE dried up the commercial market for businesses. Triggering the recession and starting the snowball. The FDIC stepped in at the same time and lowered the hammer on loan quality and reserves compunding matters for the "good" banks.
Sox, Just so we understand each other it was the commercial real estate bubble that went bust. When deregulation went into effect you had too many S&L $$ chasing too few good deals. The commercial banks had already locked up the good deals.
It was a friggin mess!
Sox, You're forgetting the orginial FOB Seidman and Bank of New England! What many people outside New England don't seem to understand is that when the banks collapsed New England went through a recession.
BTW I already mentioned Keating.
Susie, Pardon me but I suggest you follow the thread that started it all. Huck and I were discussing commercial loans and I was explaining UCC filings to him!
I really did not need some comments from the peanut gallery about blaming Ronnie for the S&L fiasco. Take a look at the economic downturn during the Bush 1st administration as a fallout from having to bail out the S&Ls. Perhaps you never heard of the RTC which was set up to handle all the JUNK!
Edit: Any time you would like a history on banking from the days of JP Morgan to present I can suggest a few books for you to read. And would you like to start a debate on the merits of Glass-Stegall and how it relates to firewalls?
FoF, good job! You can dothe same thing in the message box to add pictures. You signature gif will also still appear!
FoF, Under tools go to edit your profile. Then in the signature box type below. You do not include the www. Here is what mine looks like. Also take the asterisks out. I had to insert them so you could see the type.
[*chart]sanfords.net/Spots_free_graphics/Sports/ballbat.gif[*/chart]
Huck, I don't think the atty would have bought that worthless credit IMO.
FBI Director Louis Freeh. In addition to being a tool for skirt chasing he was a tool for Al Gore's "illegal campaign contributions.
He should have been fired for gross negligence. BTW you're paying his pension.
See Guns post earlier today! eom
Susie, Unfortunately for about 3000 people the republicans had that idiot Louie chasing skirts instead of terrorists.
Is that your standard comeback for defenseless points! You had to throw your two cents in about the S&L screw up that Ronnie created without knowing WTF you were talking about.
You obviously know crap about banking, deregulation and the F'ing mess that the guy created.
Derf would find a loop hole! But I agree.!
What a lame argument! Newt left his dying ex-wife at the church steps without health insurance so he could chase a younger skirt. Or was that his high school teacher.
How many other republicans you want to talk about?
BTW the republicans knew shit! After 9/11 they wanted to talk to Rubin, not that idiot O'Neill.
Can you provide a link? I did say I felt sorrow.TIA
I fail to see where Low blasted the heroes. It was AK that pointed out that the history may not be correct!
Low, I bet it's lovely this time of year....
Today: Snow flurries and snow showers. Dangerous wind chills may approach -35F. High -9F. Winds N at 10 to 20 mph. Chance of snow 60%. Snow accumulations less than one inch.
Tonight: Scattered snow flurries and snow showers this evening. Becoming partly cloudy later. Low around -20F. Winds N at 5 to 10 mph. Chance of snow 50%.
Tomorrow: Intervals of clouds and sunshine. High -7F. Winds NNW at 5 to 10 mph.
Tomorrow night: Clear to partly cloudy skies. Low -17F. Winds NW at 5 to 10 mph.
Sunday: Mix of sun and clouds. Highs -8 to -12F and lows -28 to -32F.
Give a break! How many of your relatives have died from suicide bombings because Bush and Powell said it was not our porblem.
The only foreign policy Bush understands is OIL. BTW if the Republicans hadn't had the FBI chasing skirts maybe they could have caught a few terrorists.
But I'm sure you loved your little boy toy Louie.
You're no bed of roses yourself. Greenspan (a republican) insulted Bush last week, and George the second is too stupid to figure it out.
Come back when you understand fiscal policy!
Voodoo vs. 'Rubinomics'
Large deficits matter. Those three words sum up Alan Greenspan's testimony before Congress last week, testimony that will make it more difficult for the White House to get its proposed tax cuts enacted. That such an incontrovertible statement of basic economic thought could roil Washington and create problems for the Bush administration is an indication of how surreal, and cynical, budgetary politics have become.
During the 1980 battle for the Republican presidential nomination, George Bush called Ronald Reagan's belief that you could dramatically increase military spending and cut taxes, while preserving fiscal discipline, "voodoo economics." Mr. Bush proved prescient, though he could hardly boast about it from his vice-presidential office.
Now Mr. Bush's son is practicing voodoo economics, and it is Mr. Greenspan who has, however delicately, called him on it. Even without factoring in the cost of his latest round of proposed tax cuts or a war with Iraq, President Bush's budget for the next fiscal year would result in a $307 billion deficit — a worrisome 3 percent of gross domestic product. And his administration concedes that deficits are back to stay.
But the White House line is that they don't matter. To worry about the impact of deficits on the economy, administration officials are fond of saying, is to engage in "Rubinomics." It's a mystery why they would think it disparages a view to associate it with Robert Rubin, President Clinton's widely admired Treasury secretary, whose policies were rooted in mainstream economics. It's equally bizarre to see conservatives in Congress embrace large deficits as an antidote for government spending. It's a theory that goes back to Reagan days, and it surfaces only when there are Republican deficits that need explaining away. To the unenlightened, it sounds like telling a compulsive shopper to solve his problem by maxing out on his credit cards.
The deficits have not, in fact, persuaded the Republican majority to stop spending. Last week they were right in there with the Democrats, stuffing more cash into the already bloated farm aid program and into obsolete weapons systems.
The fact that both parties have their own pork barrels and budgetary sacred cows is not new. But the idea that politicians now believe they can embrace ballooning deficits as a sign of fiscal conservatism is downright dangerous. That is why it was so refreshing to hear Mr. Greenspan recite a tenet of Rubinomics 101 when pressed about the significance of the deficit: "Contrary to what some have said, it does affect long-term interest rates and it does have an impact on the economy." The Fed chairman also questioned the need for any stimulus package, given that the economy's war jitters may be the only impediment to a solid recovery.
Mr. Greenspan's endorsement of the first round of Bush tax cuts in the spring of 2001 helped get them enacted. His wariness this time may persuade moderate Republicans to oppose the president's reckless plan, even though on the second day of his testimony Mr. Greenspan's qualms were more muted. He may have felt his history with the Bush family weighing upon him. The first President Bush's economic team has argued that the Fed's failure to cut interest rates more aggressively in early 1992 contributed to Bill Clinton's election. With that in mind, it cannot be easy for Mr. Greenspan to be perceived as criticizing this White House, even when he states the obvious.
Low, hell no! Bush has brainwashed them. Can't you recognize the mantra!
LMAO, How much did the S&L bailout cost the taxpayer? How much did George the first cost the taxpayer in his busted budget?
And as for George the second, the tab keeps rising!
Low, You would think after all these years since the Coconut Grove fire this crap would stop!
Low, Unfortunately it is not going to help the families that lost loved ones.
Strange as it may seem I have always checked my exits when in a restaurant/bar. Something my dad taught me.
As Guns would say,
ba waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaah
You sure are whiney today!
Bush was the Veep for the creep! But it was Ronnie who did his buddy Keating a favor.
low, It's up to 86. Your gov is on CNN right now. I'm stunned at the tragedy. It is a shame how so many people died over such a dumb thing.
Again you lie like a rug.
I think Matt keeps the women apart from the men in jail.
Posting lies about poor Soxie. Everyone knows he's a lackey for Theo, not a maid.
See what I mean he spreads lies through out the WWW. He is the personification of internet terrorism.
Huck, Yes. If the expiration date is tied to the loan. And judging on the size of the loan it probably is.
First thing the FDIC checks in an exam is whether all the UCC filings are current on Commercial loans. A bank is almost guaranteed a Cease & Desist if they aren't.
This crap was rampantly abused back when old Ronnie decided to deregulate the S&Ls.
Throw him in jail Sox! I'll buy the soap for him.
Huck, Banks are required to file UCC filings securing the asset that the loan was for. This basically says I'm first in line on the asset and a subsequent potential lender can't be securing the same piece of property.
Believe me it does happen! The filing should co-incide with the terms of the loan unless state law dictates otherwise.
Huck, It looks like a UCC filing.