August 9, 2014 marks twenty-five years since the signing into law of the US savings and loan (S&L) industry bailout, the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. After FIRREA was signed into law by President George H.W. Bush, the federal government took control of 327 failed S&Ls with $147 billion in assets. “Deregulation” Did It? By now the S&L scandal lies deep in the Memory Hole, but at the time, the mainstream media had the greatest effect on how most Americans viewed the debacle. A quarter of a century ago the mainstream press and television media … Continue reading The Crony S&L Debacle