Political Quotes

“In one moment I will. One hearing we held in San Francisco in the late 1980's, the State regulators of California's S&L's with great disdain took the witness stand and testified that in his first year in office it was his mandate for economic development purposes to issue new charters to S&L's, and with pride he said he issued more than 200 charters that very year. Most of those S&L's in California that he charted subsequently failed at great cost to Federal taxpayers. He also said, as the State regulator, that he only had eight investigators who could ever regulate those institutions that were under State regulation in California, many hundreds besides the 200 new charters that he had issued. California, Texas, and Florida together accounted for more than two-thirds of the S&L's that failed in this country, and it was because of the failure of the State regulators to properly regulate State chartered institutions and to properly protect the federally insured Federal deposits that tens of billions of Federal insurance was ultimately paid out by the American taxpayer.”