Word: loaned
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Dates: during 1990-1999
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There was a time when Congressmen and Senators boasted that their experience in Washington was a reason to send them back for another term. That was before public disgust with congressional pay hikes, the savings-and-loan debacle and the government's inability to devise an acceptable deficit-reduction plan erupted into a throw-the-bums-out mood so intense that many lawmakers are afraid to face their constituents. As a result, incumbents from both parties are finding that the very tenure in office that used to be a political asset can now be a liability. They are scrambling...
Republicans too are endangered by their connections with the scandal. One example is Congressman Charles Pashayan of California. A six-term veteran who appeared safe, Pashayan is now struggling to survive a challenge from Democrat Cal Dooley because the Congressman accepted $26,000 from Charles Keating's Lincoln Savings & Loan four years ago. In Oregon, Republican Denny Smith is also vulnerable. He was a director of a failed S&L, and Democrats charge that he tried to influence federal regulators. His opponent, Mike Kopetski, a former state legislator, had a 10-point lead last week. Ironically, Smith won his seat...
...responsible is the Reagan Administration for the savings and loan disaster and the banking industry's problems...
...reflexive psychology of bankers was that of -- well, bankers were starting at the sight of their own shadows. So deposit insurance could be done painlessly for decades because bankers were too terrified to do anything resembling making a bad loan. It was not until a generational shift occurred in the '70s that bankers prepared to entertain really rank loans. The government had this free ride for a long time. There were hardly any failures because bankers were not lending in such a way as to fail. And now, paradoxically, when the talk is of cutting back on deposit insurance...
...from the present $1.55 billion a year. Both the House and the Senate have approved higher funding levels, and lawmakers will soon meet to reconcile differences between the two bills. But as the deficit mounts, the peace dividend sinks into the Persian Gulf and the savings and loan crisis chews into basic budget items, politicians may have a hard time approving funding increases for a constituency that does not vote. Senator Orrin Hatch of Utah, a proponent of costly child-care legislation, says the outcome of the budget negotiations is "going to be terrible for kids...