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List of Figures | xiii | |
List of Tables | xv | |
Preface | xix | |
Acknowledgments | xxiii | |
Chapter 1 | Thrift Institutions in the U.S. Economy: Evolution Leading to Revolution | 1 |
How to Distinguish Contemporary Thrift Institutions and Commercial Banks from Other Financial and Nonfinancial Firms | 2 | |
Origin and Specialization of American Thrift Institutions | 3 | |
Early Financial Crises and Thrift Institutions | 8 | |
Post-Depression Growth, Rising Interest Rates, and the Beginning of the Modern Thrift-Institution Crisis | 13 | |
Organizational Form in the Thrift Industry | 16 | |
Trade Associations and Thrift-Industry Influence on Regulatory Policy | 20 | |
Summary and Conclusions | 27 | |
Notes | 28 | |
Chapter 2 | The Modern Thrift Crisis (Part One): A Precipitous Increase in Failures Accompanies Sharply Rising Interest Rates | 31 |
Weaknesses in the Regulatory System Make It Vulnerable to the Unexpected Increase in Interest Rates in 1980 | 31 | |
Monetary Policy Changes in October 1979, Interest Rates Soar, and Failures Mount | 36 | |
Regulatory and Congressional Responses to the Crisis | 40 | |
The Inundation of the FSLIC | 49 | |
Transition to Part Two of the Modern Thrift Crisis | 56 | |
Notes | 56 | |
Chapter 3 | The Modern Thrift Crisis (Part Two): Gambling for Resurrection | 59 |
Not All Insolvent Thrifts Are Closed | 59 | |
The Perverse Incentives Created by Insolvency and Augmented by an Overwhelmed Insurer | 64 | |
The Contamination of Solvent Thrifts by the Survival Tactics of Insolvent Thrifts | 70 | |
Regulators Attempt to Constrain the Risk-Taking Activities of Thrifts | 74 | |
The FSLIC's Recapitalization Plan: Once More, Too Little, Too Late | 79 | |
Will We Relive the First Part of the Crisis? | 84 | |
Notes | 86 | |
Chapter 4 | How to Resolve the Current Thrift-Industry Crisis | 89 |
Finding the Funds to Close Insolvent Institutions | 90 | |
Triage Until All Insolvent Thrifts Are Closed | 97 | |
Cost-Avoiding Strategies Available to Surviving Thrifts | 107 | |
Notes | 111 | |
Chapter 5 | How to Avoid Another Thrift-Industry Crisis | 113 |
The Role of Minimum Capital Requirements for Insured Depository Institutions | 114 | |
In Troubled Periods, Do Not Lower Capital Requirements--Increase Examination and Supervision | 117 | |
Raise the Minimum Required Capital Level to 6-Percent GAAP Net Worth and Raise It Now | 119 | |
Explicitly Empower the Bank Board to Close Barely Solvent Thrifts | 123 | |
Develop More Accurate Market-Value Accounting and Appraisal Practices | 128 | |
Notes | 133 | |
Chapter 6 | Regulation of Thrifts and Banks | 137 |
What Justifies the Existence of Thrifts and Banks? | 137 | |
Runs: The Major Modern Regulatory Concern | 139 | |
U.S. Government Regulation of Thrifts and Banks: Reaction to Crises | 141 | |
Early Regulation of Thrifts: Precursor to the Modern Crisis | 145 | |
Government Regulation of Thrifts in the Turbulent 1970s and 1980s | 150 | |
Implications for the Future Regulation of Thrifts and Banks | 158 | |
Notes | 160 | |
Chapter 7 | Beyond the Thrift-Industry Crisis: The Redesign of Thrift and Bank Regulation and The Rollback of Deposit Insurance | 161 |
Mortgage-Backed Securities Have Forever Blown Apart Thrift Balance-Sheet compartmentalization | 162 | |
The Role of Government Subsidies in Mortgage-Backed Securities | 169 | |
Any Congressional Subsidy of Housing Finance Should Be as Direct as Possible | 170 | |
A Comprehensive Framework for Regulatory Reform of Insured Depository Institutions | 171 | |
Rollback of Deposit Insurance and the Role of the Federal Reserve in Closing Insolvent Institutions | 175 | |
Summary: Increasingly Better Information Spells Accelerating Volatility for Depository Institutions | 178 | |
Notes | 180 | |
Appendices | 183 | |
A | Organizational Form and Charter-Type Data for FSLIC-Insured Institutions by State | 184 |
B | Concentration of Assets within the Savings and Loan Industry as of December 31, 1986 | 186 |
C | GAAP Net Worth for FSLIC-Insured Institutions by State | 187 |
D | Net-Worth Requirement or Capital Requirement for Savings and Loan Associations as of February 1987 | 190 |
E | Major Depository Financial Institution Legislation | 192 |
References | 199 | |
Index | 209 | |
About the Author | 215 |
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