Savings and loan.
- We watched the post 1987 crash ‘easy money’ period fuel real estate bubbles that culminated with the S & L and banking crisis of the early 1980s.
- While it never garnered much attention, the huge losses associated with the S & L and bank failures during the early 1990s were actually quite easily monetized.
- The GSEs themselves, even if they adhere to the Pax Congressional, will have capital levels far below those of the failed S & L's of the 80's.
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