Bailing Out Failed Savings and Loans
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For a few, brief moments I thought I might have voted for the wrong candidate in November. Then, our new President, exhibiting the high moral and ethical tone he wants his Administration to set, said that deposits in savings and loan associations “are backed by the full faith and credit of the government, and they are sound, they are good.” Then, to prove that he meant what he said, Bush added that he found nothing wrong with considering having depositors foot the bill for bailing out the savings and loan industry.
If not immoral or unethical, the President’s remarks are, I suggest, those of a hypocrite.
ROBERT M. GORDON
Los Angeles
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