Word: bailouts
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...problem is that the U.S. Government stands behind these institutions like a pillar of Jell-O, since it is already committed to an S&L bailout that could cost $1 trillion and owes a national debt of $3 trillion. If more bailouts are needed, the U.S. would have to borrow so much money from the credit markets that interest rates would be pushed upward in the midst of a recession, which would make conditions even worse. "We are skating on what may seem to be firm ice," says Harvard political economist Robert Reich. "But it is thinning rapidly...
...housing, highways, bridges, clean air, clean water, veterans' benefits -- the whole great panoply of federal involvement in American life -- must, like everything else, be paid for. Today, it is not being paid for. The federal deficit, now nearly $300 billion if various "off-budget" items like the S&L bailout are counted, is testimony to Americans' failure to meet their obligations. So is the stark fact that every citizen's share of the national debt has more than tripled in the past 11 years. A debt of such enormity simply cannot be paid off without sacrifice. Paying it off will...
Williams is the author of A Practical Guide to FIRREA: The Financial Institution Reform, Recovery and Enforcement Act of 1989 (1989), which dealt with the laws governing the savings and loan bailout...
Talk about adding insult to injury. As if the initial S&L scandal were not outrageous enough, the government reports that, thanks to sweetheart deals handed to federally subsidized fat cats, the bailout program will cost taxpayers tens of billions more than it might have...
NATION: Hold on to your wallet. The bottomless bailout of the S&Ls is getting costlier...