Reply #1: You forgot about this

[FreakinDJ]

Ronald Reagan and Savings and Loans

Reagan's contribution to the US Savings and Loans fraud was to deregulate the Savings and Loans industry without removing the federal deposit insurance. This opened the way for crooks to use savings and loans to perpetrate their frauds. By offering high interest rates on federally insured deposits, these frauduant S&Ls could attract deposits. These high rates were sustained in a pyramid scheme. When the scheme finally collapsed, most investors were covered by the federal deposit insurance.

Of course, pyramid schemes were only part of the S&L scandal. With no regulation, more creative forms of fraud were perpetrated. And S&L officers lied to many investors, telling them that their deposits were federally insured even if they weren't. When the S&L went bankrupt, these investors lost every penny.


For a more sanitized, happy view of the Reagan presidency, take a peak at the Reagan library web page.

http://www.cgl.uwaterloo.ca/~smann/Humor/MMF/reagan.html