Then, between 1988 and 1990, another round of monetary tightening under Alan Greenspan ravaged the balance sheets of the country’s savings and loan associations, which were overleveraged, undercapitalized, and already struggling to survive. To prevent the subsequent recession from worsening, the federal government was forced to bail out insolvent institutions.
接着，1988—1990年，艾伦·格林斯潘（Alan Greenspan）进行了新一轮货币紧缩，这轮紧缩摧毁了过度负债、资本不足、原本便已经岌岌可危的美国储贷协会的资产负债表。为了防止随之而来的衰退恶化，联邦政府被迫援助了资不抵债的机构。州政府也被拖下了水：德克萨斯州将相当于全州三个月总收入的资金用于援助该州储贷银行及其储户。