the teapot dome and the reagan savings and loan crisis

Es­ti­mated reading time is 2 min­utes.

GIVING CREDIT WHERE CREDIT IS DUE, Pres­i­dent Rea­gan’s Sav­ings & Loan ‘crisis’ was ar­guably the greatest heist in the his­tory of this nation—and it was done in broad day­light. (Yes, yes. It’s an overused idiom; I chose it be­cause I can never ever think of day­light as being “broad.”) Martin Mayer of the Brook­ings In­sti­tute, per­haps the top-ranked think-tank in the US, wrote:

“The theft from the tax­payer by the com­mu­nity that fat­tened on the growth of the sav­ings and loan (S&L) in­dustry in the 1980s is the worst public scandal in Amer­ican his­tory. Teapot Dome in the [Pres­i­dent] Harding ad­min­is­tra­tion and the Credit Mo­bilier [of America] in the times of [Pres­i­dent] Grant have been taken as the ul­ti­mate horror sto­ries of cap­i­talist democ­racy gone to seed. Mea­suring by money, [or] by the mis-allocation of na­tional re­sources . . . the S&L out­rage makes Teapot Dome and Credit Mo­bilier seem minor episodes.”

Since then (and the Reagan ad­min­is­tra­tion is gen­er­ally re­garded as among the most cor­rupt in the his­tory of this na­tion (a re­dun­dancy, I know), we have lived through the Bush II era and his administration(s), which chal­lenge Rea­gan’s for sleazy self-interest and fleecing the tax-payers of this nation.

We have, in fact, lived through the ac­tions of thou­sands—thou­sands, I say—of bankers and Wall Streeters and others of their ilk breaking Grom­mett knows how many laws how many times. And again, in broad daylight.

This has cost un­counted mil­lions of in­no­cent people/victims un­counted bil­lions (tril­lions?) of dol­lars and al­most NOTHING has been done about it!



Prosecutions? How about an investigation!

Ex­cepting an oc­ca­sional Charles Keating, there has been no pros­e­cu­tions and no real gov­ern­ment in­ves­ti­ga­tion into where these stag­gering sums of money have gone! Surely the bil­lions of dol­lars that went missing on one re­mark­able weekend under Rea­gan’s watch should have shown up SOMEWHERE in the ob­serv­able universe.

And, un­less one is an idjit, these thefts have been one “con­spiracy” after an­other, al­most cer­tainly with fed­eral gov­ern­ment of­fi­cials in­volved. But, as stated, nothing has happened.

But, as proof of out gov­ern­ment’s will­ing­ness to re­ally pursue re­ally bad boys, I give you Mr. DeChristopher—a gen­uine Snidely Whiplash—who spent al­most two years in a fed­eral prison for the crime of MESSING WITH THE OIL INDUSTRY!


Debt Chart

The dastardly villainous blackguard!

And how did this vil­lain mess with the oil in­dustry? He did it by—are you ready?—bidding in an auc­tion without the means to pay for his win­nings!!! This in­volved pub­licly owned land in Utah, and it was his way of protesting the auc­tioning of gas and oil drilling rights in 150,000 acres of wilderness.

The das­tard!

The black­guard!!

The vil­lain!!!!

This hap­pened in De­cember 2008, the final weeks of the Bush ad­min­is­tra­tion. Now, get this: even though the auc­tion was voided by the Obama ad­min­is­tra­tion, the fed­eral gov­ern­ment in­dicted DeChristo­pher on two felony counts. And pros­e­cuted and con­victed and sentenced!

THINK what would happen of 1,000 banksters and Wall Street crooks were each given two years in the hoosegow!!! Yuh think a few things might change in the busi­ness com­mu­nity of this once great nation?

For more on Tim DeChristo­pher and the teapot dome and the Reagan sav­ings and loan crisis and the rest of this on­going horror show, click HERE.


All comments held for moderation

Notify of
Rate this article:
Please rate this article with your comment.
Inline Feedbacks
View all comments