Talk:Garn–St. Germain Depository Institutions Act

"The act was a contributing factor in the savings and loan crisis of the late 1980s."

The article states, incorrectly, that "the act was a contributing factor in the savings and loan crisis of the late 1980s." The opposite is true: this reform helped reduce the severity of the subsequent S&L crisis.

It was the fixed-rate, long-term mortgages which S&L's were required by law to issue prior to this reform, in combination with wild gyrations in interest rates in the late 1970s and early 1980s (the result of wild gyrations in monetary policy from President Carter's G. William Miller and Paul Volker appointments to the Fed), which were the main cause of the S&L crisis. S&Ls had to cover the long-term, low-interest-rate mortgages with high-interest-rate demand deposits, which caused huge losses. (Fraud was also a factor in some cases.)

This reform allowed S&Ls to issue variable-rate mortgages, which eliminates that risk for those loans. Unfortunately, it didn't solve the problem of the already-issued mortgages, so it was too little too late to save many S&Ls. NCdave (talk) 19:23, 9 July 2011 (UTC)

Article/subject name

The legal name of the statute is the Garn-St Germain Depository Institutions Act of 1982, see the official text here. Note that there is no period after "St". I'm too busy to fix right now, but maybe someone else can. John M Baker (talk) 23:40, 10 October 2013 (UTC)

I was thinking about correcting it for you, but the article on the late Rep. Fernand St. Germain includes the period. So I think you may be incorrect on that. Terry Thorgaard (talk) 17:43, 11 June 2016 (UTC)

It looks like that article may also be incorrectly named, and in fact it generally uses the spelling without a period in the text of the article. However, the name of an individual can be a closer call, especially when there are two versions of his name in use. The name of the statute is straightforward, since it's contained in the statute itself. John M Baker (talk) 18:49, 11 June 2016 (UTC)

And the Biographical Directory of the United States Congress, which one would think is the most authoritative reference (an external link) in the article on the congressman, doesn't use the period. Is this an example of one hand being unaware of the activities of the other? Terry Thorgaard (talk) 19:19, 14 June 2016 (UTC)

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