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I for one, worked for a savings and loan and watched in wonderment as longtime employees diminished and talk of 'bonuses' at Christmas were never to be seen again. Artcles in the newspaper over the weekend brings lines towards the door of customer's planning to withdraw their life savings out for the savings and loan and take it to the commercial bank or credit union at the corner head it 'safe'. The Federal Savings and Loan insurance was stretched to it's limits! By 1989 the FSLIC was abolished by Financial Institutions Reform, Recovery and Enforcement Act, passing responsibilty on to the Federal Deposit Insurance Corporation (FDIC). An infusion of money from Taxpayers was injected several times before its abolishment; $15 billion in '86 and after that again $10.75 billion in '87.
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