Ch. 22-2 Savings and Loan Ch. 22-2 Savings and Loan ScandalScandal

Poor investments by S&L ownersPoor investments by S&L ownersGovt. insured savings deposits so Govt. insured savings deposits so

they had to help the banksthey had to help the banksGovt. took over the banks and Govt. took over the banks and

cost the taxpayers $300 billioncost the taxpayers $300 billion

Decline of CommunismDecline of Communism

1989- Poland held free elections1989- Poland held free electionsSoon most E.European countries Soon most E.European countries

held free electionsheld free electionsGorbachev’s “Glasnost” allowed Gorbachev’s “Glasnost” allowed

for this to happenfor this to happen

Fall of the Berlin Wall (1989)Fall of the Berlin Wall (1989)

Berlin Wall divided E. & W. BerlinBerlin Wall divided E. & W. BerlinSymbol of the Cold WarSymbol of the Cold WarNovember 1989 people tore down November 1989 people tore down

the wallthe wall

Fall of the Berlin WallFall of the Berlin Wall

End of the Cold WarEnd of the Cold War

Fall of the Berlin Wall considered the end Fall of the Berlin Wall considered the end of the Cold Warof the Cold War

1990 Germany finally reunited 1990 Germany finally reunited ““Iron Curtain” has now collapsedIron Curtain” has now collapsed1991- Soviet republics declared their 1991- Soviet republics declared their

independenceindependenceUSSR is now deadUSSR is now dead

Crisis in BosniaCrisis in Bosnia

Yugoslavia- consisted of 6 republics Yugoslavia- consisted of 6 republics with different ethnic groupswith different ethnic groups

Civil War resulted b/c Serbs didn’t Civil War resulted b/c Serbs didn’t want Yugoslavia to break upwant Yugoslavia to break up

United Nations unsuccessfully tries to United Nations unsuccessfully tries to stop the ethnic cleansingstop the ethnic cleansing

Crisis in the Persian GulfCrisis in the Persian Gulf

Aug. 1990- Iraq invaded Kuwait Aug. 1990- Iraq invaded Kuwait claiming its oil wellsclaiming its oil wells

U.S. & U.N. troops moved into U.S. & U.N. troops moved into Saudi ArabiaSaudi Arabia

January 1991- Air force attacks January 1991- Air force attacks IraqIraq

Persian Gulf WarPersian Gulf War

Operation Desert StormOperation Desert Storm

Feb. 1991- Forces invade and Feb. 1991- Forces invade and defeat Iraq in 3 daysdefeat Iraq in 3 days

UN placed sanctions over IraqUN placed sanctions over IraqMany criticized Bush for not Many criticized Bush for not

removing Saddam Hussein from removing Saddam Hussein from powerpower

Bush v. Clinton (1992)Bush v. Clinton (1992)

Bill Clinton (D) called for “time for Bill Clinton (D) called for “time for a change”a change”

33rdrd Party- Ross Perot won 19% of Party- Ross Perot won 19% of the votethe vote

Bush lost b/c of the poor Bush lost b/c of the poor economyeconomy

Bill Clinton (D) 1993-2001Bill Clinton (D) 1993-2001