The Savings and Loans Crisis (jan 6, 1970 – dec 23, 1989)
Description:
Congress deregulated loans and savings, and they were unprepared for the intense competitions. Interest rates had sky rocketed, and risky loan put many banks out of business. The government ended up passing a legislation in 1989 that essentially abolished the independence of the savings and loan industry.Added to timeline:
Date:
jan 6, 1970
dec 23, 1989
~ 19 years