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This year, a record 260 banks will go bust. that's 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 over the united states, people were building projects for which there were no buyers, mile after mil...

It's our money. this year, a record 260 banks will go bust. that's 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 over the united states, people were building projects for which there were no buyers...

>> i don't think it's right. it's our money. this year, a record 260 banks will go bust. that's 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 over the united states, people were building projects f...

>> 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, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye. and i'm 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, he left george bush holding the bag, filled with an assortment of staggering problems. >> when ...

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 partially completed condos. and they're all on the s&l's books. >> there's something wrong about the savi...