Why izzit every time we get a One Term Bush in the White House, there's always a "bailout" of the financial institutions? Papa Bush added close to a Trillion dollars to our National Debt with the S&L Bailout. How much is Junion gonna stick us with?
Totally not true. It was liberal media hype that sold you that number. They used that initial figure if you assume 50 billion borrowed for 30 years at 8 percent and that all resolution trust corp. assets would end up with zero value. This was a worst case scenario. The actually result was 50 billion borrowed for about 5 years, after which a recovering real estate market allowed for recovery of most of the money. The real cost was in the neighborhood of 30 billion in 1989 dollars or about 60 billion in 2002 dollars. To prove my case without a google search, the biggest blow ups were Lincoln under Keating and Vernon of Jim wright fame and M corp which was eventually taken over by bank one. Those three cost maybe 9 billion dollars and those were the biggest. Mcdougal's bank cost a measley 50 million and silverado (neil bush) was 200 million. You just can't get to 300 billion or a trillion using those figures.