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Economy: Savings and Loan Bailout #124119

ABC Evening News for Wednesday, Aug 09, 1989
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(Studio: Carole Simpson) Signing into law of bailout bill for savings and loan industry noted; scenes shown of President Bush signing bill; details given of background to S&L problems and of enormous cost of bailout. Report introduced.

(DC: Stephen Aug) Initial meeting of new Resolution Trust Corporation that is responsible for shutting down insolvent S&Ls reported [Treasury Secretary Nicholas BRADY - says this will return S&Ls to a sound path.] Impact of changes on consumers detailed. [Representative Charles SCHUMER - says S&L interest rates will fall.] [S&L consultant Bert ELY -says S&Ls will begin merging into banks.] [Ken. Leventhal and Company's Stan ROSS - talks about disposing of real estate acquired by S&Ls.] Govt.'s method of financing bailout noted.

(Studio: Carole Simpson) Decision in 1985 by President Reagan's administration not to hire more bank examiners as requested by Federal Home Loan Bank Bd. recalled.

Reporter(s):
Aug, Stephen;
Simpson, Carole
Duration:
00:05:20

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