jan 1, 1982 - 1982 Banking
Description:
In 1982, Congress, now, has allowed Savings and Loans Associations Banks to make high risk loans and investments. Many banks saw this as an advantage and increased their loans and investments because they had more of a reason to do. When the investments failed, then the bank failed. This, then, reflected badly on the Federal Governemnt for their decision and they had to pay the investors their lost money back. The Federal Government then ended up in 200 billion dollars of debt because of this.
Added to timeline:
Addison McKinney
Banking
Date:
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