OhIsee.Then
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In addition we often forget what Reagan did in deregulating the savings and loan 'banks'. It was a big deal in the Phoenix area. The deregulation, done without congress agreement, resulted in many people loosing their money, but a few people made a bunch and were allowed to keep it.That system had been in place and working just fine for 30 years under three different presidents before GB and his "let the banks govern themselves" policy came on the scene. Let business run itself and it's like a stampede - this time right over a cliff.
addition: I have to note, given other posts, that the loans that S&Ls were making were to people with money, not the poor. And that money was going, via the home buyers, to the developers of things like reasonably fancy retirement communities that were never completed. There were close business relationships between the builders and the S&L.
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