Out Of Sight, Out of Mind

The S & L bailout looks bold, but it hides the full costs

With this bill's substantial funding, we will begin, here and now, to eliminate the ongoing losses of the insolvent firms . . . I'm proud to sign this monster." So said President Bush last week as he stamped into law his long-awaited and much debated savings-and-loan bailout bill. The legislation, / which will rescue ailing thrifts at a cost estimated at $300 billion over the next 30 years, promises to transform the S & L business into a far smaller -- and potentially stronger -- industry. The law will also impose a sweeping reorganization on the Government's thrift regulators: the Federal...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!