Public Spirit in the Thrift Tragedy (Pitt Series in Policy and Institutional Studies)

Rom's book is required reading for those fascinated by the S&L crisis. " Choice"" This book reviews the fascinating-and horrifying-story of how American savings and loan associations (also known as 'thrifts') managed to rack up horrendous losses during the decade of the 1980s. . . . Rom tells the story with great skill, and it was a pleasure for me to watch the details of the unfolding of a financial Greek tragedy. " Annals of the American Academy of Political and Social Science"" The spectacular failure of the savings and loan industry during the 1980s, resulting in losses to taxpayers of approximately $180 billion, is the subject of this volume by Mark Carl Rom. It will undoubtedly become the definitive work in political science on what is believed by many to be the most significant public policy fiasco in recent memory. " American Political Science Review"" "Rom's book is required reading for those fascinated by the S&L crisis.""--Choice" "This book reviews the fascinating-and horrifying-story of how American savings and loan associations (also known as 'thrifts') managed to rack up horrendous losses during the decade of the 1980s. . . . Rom tells the story with great skill, and it was a pleasure for me to watch the details of the unfolding of a financial Greek tragedy.""--Annals of the American Academy of Political and Social Science" "The spectacular failure of the savings and loan industry during the 1980s, resulting in losses to taxpayers of approximately $180 billion, is the subject of this volume by Mark Carl Rom. It will undoubtedly become the definitive work in political science on what is believed by many to be the most significant public policy fiasco in recent memory.""--American Political Science Review"

Through an examination of the political causes of "thrift tragedy", this text argues that politicians and bureaucrats generally acted in the "public spirit" after the failure of the FLSIC. The text incorporates new evidence and innovative methods in its analysis.