Explore popular quotes and sayings by an American economist L. William Seidman.
Last updated on December 23, 2024.
Lewis William Seidman was an American economist, financial commentator, and former head of the U.S. Federal Deposit Insurance Corporation, best known for his role in helping work to correct the Savings and Loan Crisis in the American financial sector from 1988 to 1991 as head of the Resolution Trust Corporation. He also worked as an economic adviser during three separate Administrations of United States Presidents: Gerald Ford; Ronald Reagan; and George H.W. Bush. He was lauded by both Republicans and Democrats for his work in cleaning up the frauds of the Savings and Loan disaster, but was pushed out of American government by the George H.W. Bush Administration for disclosing the full extent of the crisis to the United States Congress and taxpayers.
A deposit insurance system is like a nuclear power plant. If you build it without safety precautions, you know it’s going to blow you off the face of the earth. And even if you do, you can’t be sure it won’t.
You never know what the American public is going to do, but you know that they will do it all at once.
Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid.