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The Savings And Loans Crisis Of The 1980s

700 Words3 Pages

The Savings and Loans crisis of the 1980s was one of the most impactful crises in American history which was caused by a buildup of neglect and greed from S&L owners and government officials who let wound fester and infect the S&L industry. (Purdy, 2023) One of those greedy owners was Charles Keating who was an influential figure in the savings and loan business. He was the chairman of Lincoln Savings and Loan Association with a craving to earn as much money as bank owners. He was widely known for his incredibly risky ventures and aggressive lending tactics, they were practically trademarks of Keating's business, which ultimately caused the institution's failure in 1989. (Were Bankers Jailed?)
Keatings greed caused a statewide, which soon after turned into a nationwide crisis and cost taxpayers over 160 billion and sent America into a huge …show more content…

Considering the lack of responsibility these governors had for their people it's truly disgusting how they were not arrested and that the taxpayers were the ones who had to pay for their greed. These powerful figures get away with so much that it can become infuriating to watch, as citizens suffer with unemployment, inflation, unaffordable necessities it just powers their yachts and fancy champagne. Corruption is deeply rooted in the government and will continue to wreak havotic upon society for as long as one may let it, hopefully one day everyone will receive the same justice no matter their social

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