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The Savings and Loan Crisis

Lessons from a Regulatory Failure

  • Book
  • © 2004

Overview

Editors:
  1. James R. Barth
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  2. Susanne Trimbath
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  3. Glenn Yago
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Table of contents (14 chapters)

  1. Front Matter

    Pages i-xxxviii
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  2. Savings and Loans in Historical Perspective

    1. What Have We Learned from the Thrift and Banking Crises of the 1980s?

      • George G. Kaufman
      Pages 1-14

    2. The Savings and Loan Debacle: A Perspective from the Early Twenty-First Century

      • Lawrence J. White
      Pages 15-30

  3. Unintended Consequences of Government Policy

    1. Some Hope for the Future, after a Failed National Policy for Thrifts

      • Arthur W. Leibold Jr.
      Pages 31-60

    2. Regulatory Regimes and Markets: The Case of Savings and Loans

      • Catherine England
      Pages 61-82

    3. The Savings and Loan Crisis: Unresolved Policy Issues

      • R. Dan Brumbaugh Jr., Catherine J. Galley
      Pages 83-102

  4. Macroeconomic Implications of Structural Change in Financial Services

    1. Macroeconomic Sources of the U.S. Savings and Loan Crisis

      • Michael R. Darby
      Pages 103-112

  6. The Public Record: Media and Finance

    1. The Lesson of Lincoln: Regulation as Narrative in the Savings and Loan Crisis

      • Lawrence T. Nichols, James J. Nolan III
      Pages 143-171

    2. Lincoln Savings: a Coda

      • Donald McCarthy
      Pages 173-178

  7. The Empirical Record

    1. The U.S. Savings and Loan Crisis in Hindsight 20 Years Later

      • James R. Barth, Susanne Trimbath, Glenn Yago
      Pages 179-250

    2. The Savings and Loan Crisis: Five Illustrative Case Studies

      • Donald McCarthy
      Pages 251-300

  9. Back Matter

    Pages 343-392
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Keywords

About this book

Robert L. Bartley Editor Emeritus, The Wall Street Journal As this collection of essays is published, markets, regulators and society generally are sorting through the wreckage of the collapse in tech stocks at the turn of the millennium. All the more reason for an exhaustive look at our last “bubble,” if that is what we choose to call them. We haven’t had time to digest the lesson of the tech stocks and the recession that started in March 2001. After a decade, though, we’re ready to understand the savings and loan “bubble” that popped in 1989, preceding the recession that started in July 1990. For more than a half-century, we can now see clearly enough, the savings and loans were an accident waiting to happen. The best insurance for financial institutions is diversification, but the savings and loans were concentrated solely in residential financing. What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans. They were further protected by Regulation Q, allowing them to pay a bit more for savings deposits than commercial banks were allowed to. In normal times, they could ride the yield curve, booking profits because long-term interest rates are generally higher than short-term ones. This world was recorded in Jimmy Stewart’s 1946 film, It’s a Wonderful Life.

Bibliographic Information

  • Book Title: The Savings and Loan Crisis

  • Book Subtitle: Lessons from a Regulatory Failure

  • Editors: James R. Barth, Susanne Trimbath, Glenn Yago

  • Series Title: The Milken Institute Series on Financial Innovation and Economic Growth

  • DOI: https://doi.org/10.1007/b109751

  • Publisher: Springer New York, NY

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media New York 2004

  • Hardcover ISBN: 978-1-4020-7871-2Published: 20 July 2004

  • Softcover ISBN: 978-1-4757-8855-6Published: 27 September 2013

  • eBook ISBN: 978-1-4020-7898-9Published: 11 April 2006

  • Series ISSN: 1571-4772

  • Edition Number: 1

  • Number of Pages: XXXVIII, 394

  • Topics: Finance, general

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