Failure and Failure Resolution in the US Thrift and Banking Industries
分析1980年代美国储蓄行业危机，指出宏观经济不确定性和不一致的公共政策是主因，监管反应迟缓导致巨额损失。
The problems that plagued the thrift industry during the 1980s were primarily due to greater macroeconomic uncertainty and to inconsistent public policies. The slow regulatory response to the industry's problems was largely the result of the regulator's unwillingness to face up to the seriousness of these problems until it was too late to avoid hundreds of billions of dollars of losses.