Thrifts Coup

A bailout plan for S and Ls

It seemed like an idea with little if any future when officials of the U.S. League of Savings Associations first started batting it around earlier this spring. But by last week the prospects for what amounted to a two-year federal bailout of the nation's desperately troubled savings and loan industry had brightened beyond almost anyone's expectations.

Savings banks and S and L institutions are suffering badly from the nation's double-digit interest rates, which have flattened the housing market, savaged the mortgage-lending business and caused upwards of $43 billion to flood out of bank deposits and into...

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