[speaker001:] I'm not sure I even know where to begin on this mess
[speaker002:] oh it it is a mess
[speaker001:] I do believe though a lot of speculative speculative buying and investment on speculation uh too many large deals with too much risk uh
[speaker002:] uh-huh oh definitely um-hum bad deals with friends
[speaker001:] and and associates of friends and on it goes over a long period of time and I think
[speaker002:] yes uh-huh um-hum
[speaker001:] 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
[speaker002:] yeah throw good money after bad you mean
[speaker001:] exactly exactly
[speaker002:] those you said it's just not doesn't work
[speaker001:] 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
[speaker002:] yeah oh heavens I would
[speaker001:] uh it has to be government regulation
[speaker002:] 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
[speaker001:] I don't either but the other thing this Dickson that they convicted he only got five years
[speaker002:] oh uh-huh I know I couldn't believe it
[speaker001:] so that's going to leave a message to other people that yeah
[speaker002:] he can be out in twenty months they said
[speaker001:] well yes but he's in very poor health so you know twenty months may mean a lot longer for him but still
[speaker002:] yeah but yeah but still I I health and health and everything I mean if yeah
[speaker001:] it's our money it's our taxes that have to pay for this mess
[speaker002:] 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
[speaker001:] this is true this is very true
[speaker002:] 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
[speaker001:] and that's probably another cause of the problem we are looking at right now
[speaker002:] yeah it's it it there's just it just seemed like everybody and their brother had a savings and loan
[speaker001:] this is a very true thing I didn't think about that part of it
[speaker002:] 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
[speaker001:] uh-huh oh really that's interesting
[speaker002:] 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
[speaker001:] oh yes yes this is true oh how funny
[speaker002:] and then uh and then uh it went out uh I mean I just wonder
[speaker001:] how much that cost us
[speaker002:] yeah and how many people lost money on that lost money in that thing but who but uh who knows it's
[speaker001:] that is scary I didn't think about that
[speaker002:] 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
[speaker001:] they must be getting some on the national level I think I've read various things but I just no names come to mind
[speaker002:] 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
[speaker001:] 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
[speaker002:] 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
[speaker001:] you know you've got a good point there
[speaker002:] 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
[speaker001:] 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
[speaker002:] oh yeah oh yeah that's and that's frightening that is frightening because
[speaker001:] as another uh my car insurance is frightening right now I cannot believe how much money I pay
[speaker002:] oh oh our car insurance I can't either for for uh for nothing for almost nothing
[speaker001:] well and I just carry the absolute minimum required by law
[speaker002:] right
[speaker001:] and I'm paying I mean every quarter I'm paying like five hundred dollars a year and that
[speaker002:] 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
[speaker001:] oh my
[speaker002:] 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
[speaker001:] well I you know the problem is who is they and you get they is the government
[speaker002:] the government yeah that's what I meant Congress
[speaker001:] but you get you get into when you start getting them to do things you get into a lot of special interest groups again
[speaker002:] yes exactly exactly and lobbying oh you know there's a big
[speaker001:] 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
[speaker002:] yeah that's true that's true
[speaker001:] 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
[speaker002:] um-hum yeah makes it even worse
[speaker001:] wasn't even there to begin with
[speaker002:] yeah and and and people like us never hear about about what's really going on and what they what they're really doing
[speaker001:] 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
[speaker002:] yeah yeah television is worse television is worse
[speaker001:] well all they're there to sell you know or to entertain even worse and uh not to transmit information
[speaker002:] yeah uh-huh yeah that's yeah oh exactly what makes
[speaker001:] so what we get is so garbled that who knows if we even have the ability to decide anything
[speaker002:] 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
[speaker001:] and whose best interests they represent us or someone else
[speaker002:] and how many of them were invested in just how many of them have invested in a savings and loan
[speaker001:] in in a savings and loan or own a or has a brother that owns yeah
[speaker002:] yeah oh yeah
[speaker001:] it's really a scary scary thing
[speaker002:] 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
[speaker001:] 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
[speaker002:] oh really
[speaker001:] 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
[speaker002:] 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
[speaker001:] uh-huh oh yes
[speaker002:] you know that big scam and they just they just left town they just they just packed up and left town
[speaker001:] smart move
[speaker002:] and I mean I mean they left well yes but no because they uh they left their loan hanging yes they they just
[speaker001:] oh did they oh that's not
[speaker002:] 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
[speaker001:] well but they are hurting their own credit that way
[speaker002:] 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
[speaker001:] oh absolutely yeah because they can you know they write all that and people that write things off as bad debt
[speaker002:] um-hum
[speaker001:] 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
[speaker002:] um-hum oh yeah uh-huh oh of course
[speaker001:] and if this guy is exempt from paying it we have to pay more that's exactly right so it's just
[speaker002:] 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
[speaker001:] yeah that is really sad
[speaker002:] 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
[speaker001:] yes and and the unoccupied