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Economy: Savings and Loan #562297

NBC Evening News for Thursday, May 19, 1988
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(Studio: Tom Brokaw) Savings and loan industry reported facing collapse without tax dollar aid. Savings and loan deficit noted. Report introduced.

(DC: Irving R. Levine) [General Accounting Office spokesperson Frederick WOLF - tells Congress of savings and loan plight.] Texas savings and loans noted draining Federal Savings and Loan Ins. Corp.; details given, scenes shown. [FSLIC spokesperson Danny WALL - comments on Texas economy] No. of insolvent savings and loans given. Govt. accountants quoted with regard to money necessary to bail savings and loans out of debts. [INVESTOR - comments on situation.] [Senator Jake GARN - says no depositors have lost money.] [Senator William PROXMIRE - says Congress will stand behind deposit ins. program.] [Senator Phil GRAMM - says taxpayers will be called upon to pay debts.] Amt. necessary to salvage savings and loans noted adding more to budget deficit.

Brokaw, Tom;
Levine, Irving R.

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