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1 1 (1990)

handle is hein.amenin/aeiaaej0001 and id is 1 raw text is: With estimates of losses reaching hundreds of billions of dollars and still rising, the S&L crisis seems likely to produce the greatest govern- ment financial loss in the history of our nation. The central causes of this debacle, according to the author, lay in the decision to substitute government regulation for the disciplines of the market. This monograph proposes to correct this mistake through the in- troduction of market incentives-a private system of deposit guarantees, supported by risk-based deposit insurance premiums and backed by the enormous capital of the banking system itself. Decisions to close insol- vent banks and S&Ls would become market judgments, driven by market signals, rather than the judgment of a government administrator. In addition to a clear, straightforward explanation of the proposal, the book includes comprehensive tables detailing how the plan would work and explaining the feasibility of risk-related deposit insurance. Peter J. Wallison, a specialist in corporate, financial, and banking law, was counsel to President Reagan in 1986-1987 and is now a partner at the Washington office of the law firm of Gibson, Dunn & Crutcher. From 1981 to 1985 he was general counsel of the U.S. Treasury De- partment. THE AET PRESS Publisher for the American Enterprise Institute 1150 17th Street, N.W., Washington, D.C. 20036 US $9.75 ISBN-13 :978-0-8447-7002-4 ISBN-10: 0-8447-7002-7 50975 9780844 770024

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