I. Introduction In the 1980s, the United States experienced its most serious banking crisis since the 1930s and the second most serious crisis in its 200-plus year history. The crisis affected commercial banks, savings banks, and savings and loan associations (S & Ls). Between 1980 and 1991, when fundamental corrective laws were enacted, some 1,500 commercial and savings banks (insured by the Federal Deposit Insurance Corporation) and 1,200 savings and loan associations (insured by the former Federal Savings and Loan …showed first 75 words of 3115 total…

…showed last 75 words of 3115 total…Enterprise Debts in Central and Eastern Europe in Budapest, Hungary on June 6-8, 1994. The author is indebted to Herbert Baer (World Bank) and Larry Mote (Comptroller of the Currency) for helpful comments and suggestions. 1. A brief history and additional references appear in George J. Benston, Robert A, Eisenbeis, Paul M. Horvitz, Edward J. Kane and George G. Kaufman, Perspectives of Safe and Sound Banking, Cambridge, Mass.: MIT Press, 1986, Chapter 2. 2. Milton Friedman and Anna J. Schwartz