The Savings and Loans Crisis of the 1980's was one of the biggest financial crises in US history. The insurer for savings and loans, the FSLIC became insolvent and was abolished in 1989. A new institution, the Resolution Trust Corporation (RTC) was established to liquidate failed financial institutions. Federal insurance of S&L deposits was transferred to the FDIC in 1989.

One contemporary account described the scope of the financial meltdown as follows: