The Savings and Loan Crisis
President Reagan's voodoo economics hit the United States harder economically than any war ever fought by this country. The customers of the Savings and Loan Institutions were victimized by unscrupulous
bankers allowing many multibillion dollar swindles. Bankers were accused of fraud and they were proven to have profited illegally, but then President Bush takes over and instead of letting the culprits take the heat, he bailed them out. That's twelve years of incompetance and economic decline.
The Republicans in their deregulation of the Banking Industry show us first hand the folly of a corrupt system. Insolvent institutions were allowed to do anything they wanted, compounding the losses while white-collar criminals get rich in the process. This is a hard lesson to learn for the American people in exposing the idiocy of the Republican platform of laissez-faire unregulated policy and a stinging reminder of the fools who cannot bring themselves to adopt a planned economy in the United States.
What were they thinking? They have not seen the errors of their ways and a deluded consituency still votes them in. These politicians always seem to be promising better times to bribe the voters to support them and then they end up always making things worse by taking something away. Of course the poor and the middle class are hit the hardest. Except for those that directly profited from it, even the rich suffered from this fiasco. How can anyone who loves this country and want to do right by it at the polls, vote for these fools just because they look more white-washed than a Democrat? The Savings and Loan crisis is the best example of Republican ignorance, mismanagement and incompetance ever to come crashing upon us. It is no wonder why God is about to bring judgment upon a country blinded with the promise of prosperity. God sees how stupid we are as a nation and undeserving of His grace.
The Savings and Loan crisis cost $200 Billion, that's $4000.00 for every man, woman and child in the United States, rich or poor. The double inflation caused by this uncontrolled avarice is compounded to the point that we are still paying for it many times over. Real estate tax incentives created a demand for building and higher home costs that forced hundreds of thousands of our people into the streets.
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