But with all the anger towards bailouts, Texas should just send a thank you note before they head out of the union (let's not get started on the oil depreciation tax credit that allowed Texas to pay less in taxes than almost any other state...sorry California). In 1989 when the Resolution Trust Corporation (RTC) was set up to deal with the Savings and Loan crisis that culminated after a period in the 1980s (read Reagan years) when deregulation, bad lending, and lax supervision led to a collapse in these banking institutions (sound familiar). At the time, the government enacted a public-private bailout mechanism to resolve the situation (sound familiar again).
Fully half of those institutions were in the "great" state of Texas. You're welcome Texas. You have a strange way of showing it. This is a bit of context the press probably should provide.
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