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To take on the reagan mantle. "read my lips -- no new taxes." miklaszewksi: when ronald reagan left the white house in january, he also left george bush holding the bag -- filled with an assortment of staggering problems. bierbauer: when the president calls, some come running. all agree the savings and loan crisis is an urgent problem. brady: could the s&ls be bailed out without a tax increase? is there any other way to do it? i dont think there is, and i think thats becoming the conclusion of m...

And theyre all on the s&ls books. theres something wrong about the savings and loan industry today. and it isnt me. charles keating was a lawyer who got into banking and was able to buy a savings and loan. kroft: when keating bought lincoln savings and loan of irvine, california, he used it as a private piggy bank for his own ambitions, like the phoenician hotel, which cost $500,000 per room to build. that hotel is a magnificent investment for savings and loans dollars. no question about it. the...

The entire industry ultimately went belly up. well, get in line so we can have this -- i am in line! im next! quiet down! man: guys, quiet down! im going to disperse the whole bunch of you. mccarthy: this was the third day of the run on the old court savings and loan association. the only thing i can do at this point, i have no choice -- we have to close. i dont think its right. thats our money. this year, a record 260 banks will go bust. thats almost 800 in the past five years. bad loans to the...

We always do. its just a question of when. my guess is its probably 1989, rather than 1987. >> a little present for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you, if congress tries to raise taxes when im president, and you know they will, ill say no. theyll try one more time and ill say no. and if they try a third time, ill stare them right in the eye and im going to say to them, read my lips. no new taxes! >> in 1988, geo...

>> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all over the united states, people were building projects for which there were no buyers, mile after mile of these partially completed condos. and theyre all on the s&ls books. >> theres s...

This year, a record 260 banks will go bust. thats almost 800 in the past five years. bad loans to the third world. bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all o...

Its our money. this year, a record 260 banks will go bust. thats almost 800 in the past five years. bad loans to the third world. bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their ...

>> i dont think its right. its our money. this year, a record 260 banks will go bust. thats almost 800 in the past five years. bad loans to the third world. bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real es...

>> a little present for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you, when congress tries to raise taxes, ill say no. theyll try one more time and ill say no. and if they try a third time, ill stare them right in the eye. and im going to say to them, read my lips, no new taxes. >> in 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. >> when reagan left the white house in january, ...

Bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if the loan went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all over the united states, people were building projects for which there were no buyers, mile after mile of these parti...