Saving and Loan Associations were making bad loans, especially in Texas, but in lots of other states as well -this is when Ronald Reagan was President.

当时储蓄贷款协会出现了不良贷款,尤其在德克萨斯州,不过在其它很多州也同时出现了...,当时的总统是罗纳德·里根

耶鲁公开课 - 金融市场课程节选