4th August 1989 : The Savings and Loan crisis which involved more than 500 savings and loan associations led President George Herbert Bush to consider a $150 billion bail out in an unprecedented piece of legislature. The Ways and Means Committee Chairperson, Dan Rostenkowski and his partners, were opposed to the bill. If the bill passed, $75 million a year would go to the Justice Department to be the watch dog for institutional fraud.
The reasons believed to cause the problems for the Savings and loan institutions included the issue of the new high-interest money-market funds, long term mortgages at low fixed interest rates ( Interest Rates Year End Federal Reserve 10.50% ) from our 1989 , and finaly poor lending practices to to risky ventures.
Thursday, December 2, 2010
0 Lebanon 1978 Lebanon Israeli Attack
4th Aug. 1978 : An Israeli air attack on southern Lebanon occurred in retaliation for a Palestinian bombing of a Tel Aviv market place. The Israelis claimed that the Palestinian bomb contained nails and ball bearings, killing one and wounding 48. Israelis planes bombed a guerrilla headquarters in Dahar-a-Tutah.
0 China 1967 China Nuclear Worries Over China
4th Aug. 1967 : The world’s nuclear fears were aroused when China exploded an H-bomb on June 17, 1966, under the presidency of Mao Tse-tung. An editorial a year later in The Ada Evening News focused on fear mongering about nuclear war and remembered the horrors of Nagasaki and Hiroshima 22 years before the Chinese got the bomb.
0 Russia 1941 Russia Nazi Troops Within 50 miles of Kiev
4th Aug. 1941 : Nazi troops marched within 50 miles of Kiev. Both Russians and Nazis reported catastrophic casualties in the 44 day battle. Hitler’s high commissioners boasted that 2,300 Soviets were dead, 71 tanks were captured, and 10,000 Russian soldiers were taken captive. Russia claimed that in a counteroffensive they killed 1,000 Nazis, and wrecked 100 tanks. Mussolini summed World War II up to his troops, “the line-up is now complete between the two worlds with Rome, Berlin, and Tokyo on one side and London, Washington, and Moscow, on the other.”
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