On Tue, 6 Jul 2004 13:00:05 -0400, "Vito" wrote:

"Maxprop" wrote
....., Whitewater paved the way for unrepentant corporate greed. ....

Whitewater was but a tiny part of the national Savings and Loan scam that
ended up costing every man, woman and child in America about $7000! Our
beloved RR set the stage for that scam by removing the regulations that had
prevented it. Worked like this:

'A' buys a 100 acre farm for $10,000, $500 down and the rest financed by the
S&L. Then he has a respected public figure (Hillary) buy one acre for
$10,000 by promisinng to buy it back for $20,000 in 90 days. This
establishes that the other 99 acres are also worth as much. Then he sells
the 99 acres to a corporation he established for that purpose for $990,000,
making a handsome profit on his $500 investment even after paying off the
$9500 loan at the S&L and giving Hillary $20,000. The New Corp finances all
but 5% of the purchase with the S&L then goes bankrupt, leaving the S&L and
the gummymint holding the bag --- all legal thanks to RR's deregulation.

Living here in the heart of the S&L bust, it was all too clearly the
result of the deregulation of the S&Ls that took place in the Reagan
years that led to the "bailout" that was paid for during the Clinton
years. Of course, those guys were simply living by what has now
become a Republican credo..."there is no difference between a dollar
of income and a dollar borrowed."

The Republican witch hunters probably spent as much time and energy
trying to find something wrong with Whitewater, without success, than
they did on any of the cast of characters who drove the S&Ls into the
ground for their own enrichment.