The Milken Institute Series on Financial Innovation and Economic Growth

The Savings and Loan Crisis

Lessons from a Regulatory Failure

Editors: Barth, James R., Trimbath, S., Yago, Glenn (Eds.)

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eBook $189.00
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  • ISBN 978-1-4020-7898-9
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Hardcover $249.00
price for USA
  • ISBN 978-1-4020-7871-2
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Softcover $249.00
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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 What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans.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.

Table of contents (14 chapters)

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

    Kaufman, George G.

    Pages 1-14

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

    White, Lawrence J.

    Pages 15-30

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

    Leibold, Arthur W.

    Pages 31-60

  • Regulatory Regimes and Markets: The Case of Savings and Loans

    England, Catherine

    Pages 61-82

  • The Savings and Loan Crisis: Unresolved Policy Issues

    Dan Brumbaugh, R. (et al.)

    Pages 83-102

Buy this book

eBook $189.00
price for USA (gross)
  • ISBN 978-1-4020-7898-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $249.00
price for USA
  • ISBN 978-1-4020-7871-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $249.00
price for USA
  • ISBN 978-1-4757-8855-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
The Savings and Loan Crisis
Book Subtitle
Lessons from a Regulatory Failure
Editors
  • James R. Barth
  • S. Trimbath
  • Glenn Yago
Series Title
The Milken Institute Series on Financial Innovation and Economic Growth
Series Volume
5
Copyright
2004
Publisher
Springer US
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4020-7898-9
DOI
10.1007/b109751
Hardcover ISBN
978-1-4020-7871-2
Softcover ISBN
978-1-4757-8855-6
Series ISSN
1571-4772
Edition Number
1
Number of Pages
XXXVIII, 394
Topics