Document Type

Presentation

Date of this Version

4-2009

Comments

2008-2009 Penn Humanities Forum on Change
Undergraduate Mellon Research Fellows

http://humanities.sas.upenn.edu/08-09/fellows_uhf.shtml

Abstract

Sarah P. Gibbons, College '09, History

The Savings and Loan Crisis: A Morality Play of Modern American Finance

Owning your own home is often considered as big a part of American life as voting or apple pie. But who or what created this culture of home ownership, and has it always been beneficial to America's economy and citizens as a whole? I will explore the encouragement of home ownership by the U.S. government and how it has lead to economic catastrophe for America in the form of the Savings and Loan Crisis of the late 1980s. I will trace the government-sown culture of home ownership beginning with the New Deal, explore historical motives and reasoning for this mission, and explain in an historical context how this culture lead to, and worsened, the Savings and Loan Crisis.

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Date Posted: 09 September 2009