If businesses ranging from steel to computers can rebound from sharp slumps, what is wrong with the thrift industry? Instead of hitting bottom and starting back up, an estimated one-third of the 3,200 federally insured thrifts in the U.S. just keep falling deeper into the red. The problem is potentially grave, because the ballooning cost of rescuing the ailing thrifts could strain the Federal Government's insurance fund. Last week officials at the Federal Savings and Loan Insurance Corporation, which guarantees deposits up to $100,000 and handles troubled thrifts, estimated that the deficit in its fund reached $11.6 billion last year, nearly...
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