Abstract
The epidemic failure of savings and loan institutions during the 1980s was an important chapter in the financial and governmental history of the United States and an instructive context for discussing the costs of crime and for reconsidering longstanding controversies about causation in criminology. Key issues include the effect of deposit insurance on pressure for mobilization of the criminal law, the relationship between social harm from crime and levels of just punishment, the tendency for causal theories about the savings and loan failure to thrive without any empirical testing, the emphasis on regulatory rather than criminal justice failure explanations, the tendency for free market rhetoric to produce second-best regulatory environments that are more costly than tighter regulation, and widespread support for structural and environmental explanations of savings and loan crime that neoconservative critics attack as explanations of street crime.
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