Word: bailouts
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...continue its cleanup of the shattered savings and loan industry. Then tempers flared at a Senate probe of charges that the government turned over more than 200 failed thrifts to investors in 1988 in what amounted to sweetheart deals. Finally, the beleaguered Resolution Trust Corporation, which is managing the bailout, disclosed plans to dispose of 130 more thrifts and to sell $50 billion of seized assets by the end of the year in an effort to raise desperately needed cash...
...ominous signs that the bailout may be in trouble pushed public outrage over the S&L crisis to a new level of intensity. Demanded Congressman Toby Roth, a Wisconsin Democrat: "Is this a bottomless pit for taxpayers?" Said colleague Charles Schumer, a Democrat from New York: "By this point it was supposed to have been an issue for accountants and bureaucrats only. Yet it remains the country's No. 1 problem and the public's No. 1 cause for concern...
...cost of the S&L bailout seems to keep on rising uncontrollably. Since the President signed the cleanup law amid loud fanfare exactly one year ago, the price tag has grown from a White House projection of $166 billion over 10 years to what some experts now fear could be a $1 trillion bill spread over 30 years as the government shuts down nearly half the entire thrift industry. The White House's own current forecast projects a cleanup cost of at least $500 billion over the next 40 years. That includes $160 billion to be used mainly...
...same time, the bailout failed to overhaul deposit-insurance policies that require U.S. taxpayers to pay virtually the full cost of a bank or S&L collapse. The Administration acknowledged the problem two weeks ago by indicating that it may propose limiting the $100,000 insurance coverage on bank and S&L deposits to just one account per person...
...when oil prices rose more than 10% in response to Iraq's invasion of Kuwait. Ironically, rising crude prices would reinvigorate the economies of oil-patch states where thrifts have been hit hardest, but the effect would probably be too little, too late to reduce the cost of the bailout by much...