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1980 S Quotes

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1980 S Quotes

“Many thrifts layered a billion dollars of brand-new loans on top of their existing, disastrous hundred million dollars of old loss-making loans, in a hope that the new would offset the old. Each new purchase of mortgage bonds (which was identical to making a loan) was like the last act of a desperate man. The strategy was wildly irresponsible, for the fundamental problem (borrowing short term and lending long term) hadn’t been remedied. The hypergrowth only meant that the next thrift crisis would be larger. But the thrift managers were not thinking that far in advance. They were simply trying to keep the door to the shop open. That explains why thrifts continued to buy mortgage bonds even as they sold their loans.”

“The 80's in America were about building a better future here in America. We came into the generation dancing. We saw an explosion of songs about Christianity, concern for the environment, the first space shuttle, the number of nuclear arms peaked, and the start of the national debt clock. It ended with the fall of the Berlin Wall. We also saw growing frustration that some things were not getting done.”