ADAM MINTER
A glut of donations and a lack of demand have left a crucial American industry reeling.
“This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. ... All in all, I think we hit the jackpot.” So declared Ronald Reagan in 1982, as he signed the Garn-St. Germain Depository Institutions Act.
Thrift Institutions Advisory Council
Advisory body established by the Monetary Control Act of 1980 to advise the Federal Reserve Board of Governors on the needs of savings institutions. This panel is composed of representatives of savings banks, savings and loan associations, and credit unions.
We weren’t always a nation of big debts and low savings: in the 1970s Americans saved almost 10 percent of their income, slightly more than in the 1960s. It was only after the Reagan deregulation that thrift gradually disappeared from the American way of life, culminating in the near-zero savings rate that prevailed on the eve of the great crisis. Household debt was only 60 percent of income when Reagan took office, about the same as it was during the Kennedy administration. By 2007 it was up to 119 percent.
thrift
n.
- Wise economy in the management of money and other resources; frugality.
- Vigorous growth of living things, such as plants.
- Any of several densely tufted plants of the genus Armeria, especially A. maritima, having white to pink flower heads with a funnel-shaped scarious calyx.
- A savings and loan association, credit union, or savings bank. Also called thrift institution.
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