The Savings and Loan Crisis: Lessons from a Regulatory Failure
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 "...
Saved in:
| Other Authors: | , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
New York, NY
Springer US
2004
|
| Edition: | 1st ed. 2004 |
| Series: | The Milken Institute Series on Financial Innovation and Economic Growth
5 |
| Subjects: | |
| Online Access: | BTU01 Volltext |
| Summary: | 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 What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans.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 |
| Physical Description: | 1 Online-Ressource (XXXVIII, 394 p) |
| ISBN: | 9781402078989 |
| DOI: | 10.1007/b109751 |
Staff View
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| spelling | The Savings and Loan Crisis Lessons from a Regulatory Failure edited by James R. Barth, S. Trimbath, Glenn Yago 1st ed. 2004 New York, NY Springer US 2004 1 Online-Ressource (XXXVIII, 394 p) txt rdacontent c rdamedia cr rdacarrier The Milken Institute Series on Financial Innovation and Economic Growth 5 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 Finance, general Finance Einlagensicherung (DE-588)4151346-0 gnd rswk-swf Deregulierung (DE-588)4201191-7 gnd rswk-swf Darlehen (DE-588)4011058-8 gnd rswk-swf Savings and loan association (DE-588)4518559-1 gnd rswk-swf Sparen (DE-588)4056023-5 gnd rswk-swf Bankenkrise (DE-588)4209657-1 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Sparen (DE-588)4056023-5 s Darlehen (DE-588)4011058-8 s Deregulierung (DE-588)4201191-7 s Einlagensicherung (DE-588)4151346-0 s Savings and loan association (DE-588)4518559-1 s Bankenkrise (DE-588)4209657-1 s DE-604 Barth, James R. edt Trimbath, S. edt Yago, Glenn edt Erscheint auch als Druck-Ausgabe 9781475788556 Erscheint auch als Druck-Ausgabe 9781402078712 Erscheint auch als Druck-Ausgabe 9781475788549 https://doi.org/10.1007/b109751 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | The Savings and Loan Crisis Lessons from a Regulatory Failure Finance, general Finance Einlagensicherung (DE-588)4151346-0 gnd Deregulierung (DE-588)4201191-7 gnd Darlehen (DE-588)4011058-8 gnd Savings and loan association (DE-588)4518559-1 gnd Sparen (DE-588)4056023-5 gnd Bankenkrise (DE-588)4209657-1 gnd |
| subject_GND | (DE-588)4151346-0 (DE-588)4201191-7 (DE-588)4011058-8 (DE-588)4518559-1 (DE-588)4056023-5 (DE-588)4209657-1 (DE-588)4078704-7 |
| title | The Savings and Loan Crisis Lessons from a Regulatory Failure |
| title_auth | The Savings and Loan Crisis Lessons from a Regulatory Failure |
| title_exact_search | The Savings and Loan Crisis Lessons from a Regulatory Failure |
| title_exact_search_txtP | The Savings and Loan Crisis Lessons from a Regulatory Failure |
| title_full | The Savings and Loan Crisis Lessons from a Regulatory Failure edited by James R. Barth, S. Trimbath, Glenn Yago |
| title_fullStr | The Savings and Loan Crisis Lessons from a Regulatory Failure edited by James R. Barth, S. Trimbath, Glenn Yago |
| title_full_unstemmed | The Savings and Loan Crisis Lessons from a Regulatory Failure edited by James R. Barth, S. Trimbath, Glenn Yago |
| title_short | The Savings and Loan Crisis |
| title_sort | the savings and loan crisis lessons from a regulatory failure |
| title_sub | Lessons from a Regulatory Failure |
| topic | Finance, general Finance Einlagensicherung (DE-588)4151346-0 gnd Deregulierung (DE-588)4201191-7 gnd Darlehen (DE-588)4011058-8 gnd Savings and loan association (DE-588)4518559-1 gnd Sparen (DE-588)4056023-5 gnd Bankenkrise (DE-588)4209657-1 gnd |
| topic_facet | Finance, general Finance Einlagensicherung Deregulierung Darlehen Savings and loan association Sparen Bankenkrise USA |
| url | https://doi.org/10.1007/b109751 |
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