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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 it 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, m...

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 it 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 someth...

Be back thinking of this bill like we thought of the bill passed in the late 1970s and early 1980s in which this congress unhitched the savings and loans so some sleepy texas institution can gather deposits from all around america and like -- a giant rocket, become a huge enterprise of guess what, with all the speculation and the s&ls and everything that went with it, what did it cost the american taxpayer to bail out that bunch of failures? what did it cost? hundreds and hundreds of billions of dollars. i will bet one day somebody is going to look back at this and they are going to say how on...

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