i'm not sure i even know where to begin on this mess
oh it it is a mess
i do believe though a lot of speculative speculative buying and investment on speculation uh too many large deals with too much risk uh
uh-huh
oh definitely
um-hum bad deals with friends
and and associates of friends and on it goes over a long period of time and i think
yes uh-huh
um-hum
it i think it's a a type of situation where okay the first investment didn't work but if we throw a little bit more money in on it maybe this one may you know and try to get our money back
yeah
throw good money after bad you mean
exactly exactly
those you said it's just not doesn't work
that's that is that is some of what some of what i had read is that's part of cause of it now as to the question of what to do about it
yeah
oh heavens i would
uh it has to be government regulation
oh yeah it but
you know it it's it's i don't know it's not something i know a whole lot about but uh it's such it's such a big huge complicated mess
i don't either
but the other thing this Dickson that they convicted he only got five years
oh
uh-huh
i know i couldn't believe it
so that's going to leave a message to other people that yeah
he can be out in twenty months they said
well yes but he's in very poor health so you know twenty months may mean a lot longer for him but still
yeah but
yeah but still i i health and health and everything i mean if yeah
it's our money it's our taxes that have to pay for this mess
oh that well there are too i think there's too many savings and loans period there's you know you you drive down the street and there's one on every corner
this is true this is very true
and and it it i think it's too easy to to uh form one
that you know because i mean look look in Dallas they're everywhere they were everywhere and then then they started being taken over by bigger bigger ones and then they just the bigger ones took on the little one's debt and then it it just snowballed
and that's probably another cause of the problem we are looking at right now
yeah it's it it there's just it just seemed like everybody and their brother had a savings and loan
this is a very true thing i didn't think about that part of it
you know because you know i have never i'm uh we're originally from Missouri
and there are you know mostly banks and maybe a couple of savings and loans in the area i mean i have never seen so many as there are down here
uh-huh
oh really that's interesting
they're they're they're just everywhere and and you know set up in trailers i seen one on Preston Road that was set up in a trailer for a while before they built the little building
oh yes yes this is true
oh how funny
and then uh and then uh it went out uh i mean i just wonder
how much that cost us
yeah and how many people lost money on that lost money in that thing but who but uh who knows it's
that is scary i didn't think about that
well they need to prosecute the people who are taking the millions and millions a lot a lot better than they are have been Dickson is the only one i even heard of i mean there may be more that they are prosecuting but Dickson is the only one i even heard of
they must be getting some on the national level i think i've read various things but i just no names come to mind
because if he only stole six stole six hundred thousand dollars that's just a drop in the bucket compared to some of them that were were skimming millions
yeah because that's a drop in the bucket to the taxes we're going to have to pay to to make up for this
yeah yeah because
there are bigger fish i know i mean otherwise it wouldn't be in such a mess
that the the stealing because uh stealing and leaving the country probably they can't they probably can't find them what the deal is oh
you know you've got a good point there
but uh eventually you know the the tax money is getting extremely low on the FSLIC
i mean they're in they're getting they're getting so low it it's almost in trouble and and where's where's that going to come from
and the
and the other thing is they said the insurance the uh insurance agents the insurance industry is beginning to resemble the savings and loan industry so they they say the next big crisis could well be our insurance
oh yeah
oh yeah that's and that's frightening that is frightening because
as another uh
my car insurance is frightening right now i cannot believe how much money i pay
oh oh our car insurance
i can't either for for uh for nothing for almost nothing
well and i just carry the absolute minimum required by law
right
and i'm paying i mean every quarter i'm paying like five hundred dollars a year and that
oh well you don't pay we we keep full coverage down here on everything because well it's not it's not that bad but that's getting off the subject uh
oh my
but uh but the you think that they that they could come up with a better system of regulating these these little bitty uh savings and loans that uh
well i you know the problem is who is they and you get they is the government
the government yeah that's what i meant Congress
but you get you get into when you start getting them to do things you get into a lot of special interest groups again
yes exactly exactly and lobbying oh you know there's a big
and you know
and and would that make it worse or would that make it better or would that offer new opportunities for other people
yeah that's true that's true
that's what scares me when you get into that type of situation you know if you are going to change it watch out for the person that's changing it they may put another loophole in that
um-hum
yeah
makes it even worse
wasn't even there to begin with
yeah and and and people like us never hear about about what's really going on and what they what they're really doing
and i think reading the newspaper for that type of thing is a waste of time because they're there to sell newspapers that's the problem with the news both the on television and the paper
yeah
yeah
television is worse television is worse
well all they're there to sell you know or to entertain even worse and uh not to transmit information
yeah
uh-huh yeah that's
yeah oh exactly what makes
so what we get is so garbled that who knows if we even have the ability to decide anything
yeah yeah we got these people up in Washington deciding all this stuff for us and we don't even know what they're deciding
so it it's
and whose best interests they represent us or someone else
and how many of them were invested in just how many of them have invested in a savings and loan
in in a savings and loan or own a or has a brother that owns yeah
yeah oh yeah
it's really a scary scary thing
yeah but i'm it's one of those one of those things that i just don't know where the answer lies
it's just it's just it's going to uh it it doesn't seem like it's going as badly as it did in the past few years it's kind of slow because the closings has kind of slowed a little bit
well now there was an article in the paper this morning in the business section how tough it was to get a loan approved anymore
oh really
yeah when when you know when you're trying to buy a house how incredibly hard it is to get get a loan approved simply because they're they are tightening down so much
uh-huh
huh well i can see why i can see why
i can see why because they were loan they were loaning money to everybody and anybody that i mean they didn't check up on people they were loaning
people ungodly amounts of money that were that that that couldn't pay for it
and you wonder how in the world these people got their loans why look at look at the i thirty condos i know somebody at TI that bought one of them things uh back when they first opened
uh-huh oh yes
you know that big scam and they just they just left town they just they just packed up and left town
smart move
and i mean i mean they left well yes but no because they uh they left their loan hanging yes they they just
oh did they
oh
that's not
and that happened that happened a lot in this area people just packing up and leaving their houses and leaving the the banks and the savings and loans out to dry on the loans on the car on house loans
well
but they are hurting their own credit that way
hey i know people that it does they don't care it wouldn't i am extremely touchy picky picky picky about my credit rating but but i know people that just don't care what they done
bankruptcy means nothing to these people and it hurts all of us it when they declare bankruptcy it's you and me that have to pay for it and these people don't care
oh absolutely
yeah because they can you know they write all that and people that write things off as bad debt
um-hum
that lowers their threshold of income of what they have to pay taxes on which automatically automatically makes our taxes go up because there is so much that has to be paid
um-hum
oh yeah
uh-huh
oh of course
and if this guy is exempt from paying it we have to pay more that's exactly right so it's just
we got to take up slack
and so it's it's it's a lot of people just run running out on loans that they couldn't pay for in this area i mean you just can't imagine how many houses people just run have run out on
yeah that is really sad
i i know it i know it i don't think it's it's as bad now as it was a couple of years ago when everything just kind of fell apart you know
everything just kind of fizzled what because when we moved down here in eighty three i mean there was buildings going up on every corner every week and
yes
and and the unoccupied
