“The extraordinary cost of the S&L crisis is astounding to every taxpayer, depositor, and policymaker. The estimated present value cost of the bailout of the Federal Savings and Loan Insurance Corporation (FSLIC) is $175 billion or more.

http://www.econlib.org/library/enc/SavingsandLoanCrisis.html

10 years from now, we’ll be reading papers such as these on the Subprime Meltdown.