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the u.s. economy, which used to be the envy of the world is in the most serious trouble since the great depression. inflation is rising, standard of living is declining. tremendous inflation and not much growth. the country was not in a great depression but the united states is in the dumps. wall street was cold, gray, wet, and miserable. there was no comfort to be found outside for investors there was not much inside. the tickers carried almost nothing but bad news. we would have a terrible decade for investing. people were skeptical of the stock market. it was a sleepy wall street. most economists expect a serious recession with at least 2 million more americans losing their jobs. regret to say we are in the worst economic mess since the great depression. from the first moment of his presidency, president reagan let him know that his top priority is the nation s economy. i put a freeze on pending regulations of the task force under vice president bush to ....
When home state savings bank was besieged by depositors who demanded their money. i don t have a whole lot, and i m 79 years old, and, golly, i need that money. celeste: i made a decision after weighing several options that we had to close all 71 of the privately insured savings and loan institutions. vito: celeste is faced with the dilemma of solving the worst financial crisis in ohio history, a situation that is being called the worst banking crisis in the u.s. since the depression. in the deregulatory climate of the 1980s, savings and loans, which had traditionally invested only in mortgages, were free to invest in pretty much anything they wanted. basically what happened was, the entire s&l industry got taken over by a bunch of entrepreneurs who saw them as piggy banks. abel: vernon savings was shut down by federal regulators, saddled with $1.3 billion in bad loans. the owner, don dixon, lived a life of private jets, yachts, and mansions. they took risks that should ve been untenab ....
Crisis, the worst banking crisis in the u.s. since the depression. in a deregulatory climate, savings and loans which had traditionally invested only in mortgages, are free to invest in anything they wanted. what happened was the entire s&l industry was taken over by a bunch of entrepreneurs, who saw them as banks. vernon s savings was shut down. saddled with $1.3 billion in bad loans. the owner lived a life of private jets, yachts, and mansions. it is that they took risks. the entire industry, ultimately, went belly up. get in line. quiet down but i will disperse all of you. this is the third day on the run. the only thing i can do, i am no choice. we have to close. i don t think it s right. ....