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Date Posted: 13:20:14 09/22/08 Mon
Author: Bill
Author Host/IP: 70.21.204.235
Subject: Re: Take a look at what happened to the last bailout (From 1986 through 1995)so you know what to expect....
In reply to: Mr. Bubbles 's message, "Take a look at what happened to the last bailout (From 1986 through 1995)so you know what to expect...." on 10:03:57 09/20/08 Sat

Now it's back in a different form....

One difference is that a lot of those S&Ls were set up by developers as a way to fund their land and construction speculation and were not " real " S&Ls but dummy corporations instead. however the real ones got burned and there was a need to bail them out to protect the assets of the common depositors.
Rick knows a lot more about this than most of us but if I remember correctly there was a lot of underhanded stuff and greenmail taking place with those dummy S&Ls often raiding the assets of the real ones or doing aquisitions for the purpose of piracy on the banks they were taking over.

By the way the last count I heard was that when all is said and done without any new programs being set up the bill is now up to an average of $ 450,000 per taxpayer when all the government backed deals and programs are added up including the entitlement programs that are backed by nothing more than the good faith and credit of the US government since they already spent the money they collected and the expected cash to come for many decades in the future

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