Savings and loan crisis

John Steele Gordon | December 1993

A nineteenth-century blueprint for the savings-and-loan scandal

It was a banking system. The act that made it possible slipped through Congress with hardly any debate and little attention to economic reality. Many of its highestranking officials knew little or nothing about the peculiar nature of the banking business.

Understanding The S&L Mess

John Steele Gordon | February/March 1991

At its roots lie fundamental tensions that have bedeviled American banking since the nation began

Bank failure is as American as apple pie.

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Featured Authors

Acheson, Dean

Dean Acheson (1893-1971) was an attorney and statesman who served as Secretary of State from 1949 to 1953 under President Harry Truman. A key architect of the Truman Doctrine and the Marshall Plan, Acheson stressed the importance of multilateral organizations in the fight against totalitarianism. Prior to his service in the Truman Administration, Acheson clerked for Supreme Court Justice Louis Brandeis, worked at Washington law firm Covington & Burling, and served as Undersecretary of the Treasury for one year under President Franklin Roosevelt.

Ambrose, Stephen E.

Stephen E. Ambrose (1936-2002) was a historian and professor who wrote on military history, presidential history, and American expansion and foreign policy. Ambrose has been praised for his biographies of Presidents Eisenhower and Nixon, and for helping to galvanize interest in World War II.

Becker, Elizabeth

Elizabeth Becker is an award-winning journalist and the author of several books. Her history When The War Was Over: Cambodia and the Khmer Rouge won accolades from the Robert F. Kennedy book award, while her recent biography of female conflict journalists You Don’t Belong Here: How Three Women Rewrote the Story of War won the 2022 Sperber Book Prize and Harvard’s Goldsmith Book Prize. She is also the author of America’s Vietnam War: A Narrative History for young adults.

Blight, David W.

David W. Blight is the Class of 1954 Professor of American History and Director of the Gilder Lehrman Center for the Study of Slavery, Resistance & Abolition at Yale University. Recently, Blight has written A Slave No More: Two Men Who Escaped to Freedom, Including Their Narratives of Emancipation, and Race and Reunion: The Civil War in American Memory, which won the Bancroft Prize, the Abraham Lincoln Prize, and the Frederick Douglass Prize.

Brinkley, Douglas

Douglas Brinkley, a distinguished professor of history at Rice University and Contributing Editor of American Heritage, has written more than 20 books, most recently The Wilderness Warrior: Theodore Roosevelt and the Crusade for America (Harper 2009) and The Reagan Diaries (HarperCollins 2007). Brinkley earned his B.A from Ohio State University University in 1982, and his Ph.D. from Georgetown University in 1989.