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1 1 (1991)

handle is hein.amenin/aeiaaty0001 and id is 1 raw text is: During the 1980s, 525 insolvent savings and loans were liq- uidated or sold at an enormous cost. Resolving the remaining troubled S&Ls could cost American taxpayers hundreds of billions. What went wrong with the industry? Are fraud and deregulation solely responsible for this financial disaster? In this volume the author argues that federal deposit insur- ance itself is largely to blame: by permitting institutions to operate with inadequate capital, the system subsidizes weak institutions while increasing the risk to taxpayers. In ad- dition, regulation and supervision prevent S&Ls from adapt- ing to changing market forces. Congress, the administration, and the regulatory agencies, the author says, have created a flawed deposit insurance system and a rigid, outdated supervisory and regulatory structure. He recommends a thorough reexamination and restructuring that would protect both depositors and tax- payers and would allow the industry to respond to changes in the marketplace. James R. Barth, the former chief economist of the Federal Home Loan Bank Board and the Office of Thrift Supervision, September 1987 to November 1989, is the Lowder Eminent Scholar in Finance at Auburn University. THE AEl PRESS Publisher for the American Enterprise Institute 1150 17th Street, N.W., Washington, D.C. 20036 ISBN 978-0-8447-7008-6 11114 11 9 0 000> 9 780844 770086 11

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