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How Governments React to Financial Crises: The Savings and Loans Crisis as a Test Case
This paper assesses the regulatory response to the savings and loans crisis of the 1980s to highlight the responsibility of various agents - goverment, regulators, financial institutions, lawyers, and the general public. Lance Cassak shows the difficulty of implementing strong regulatory measures in boom times and the inherently cyclical nature of such crises, but also identifies lessons for the future that need to be put in place to avert future such crises.