Publisher's Synopsis
In this satirical comedy, author Pierre LeBlanc sets the stage for the financial crisis of the 1980's. Using his wit and sense of humor he shows us the follies which lead to the Savings and Loan debacle.
Ignace Boudreaux and his nephew Pierre are on a journey through the "Washington Bingo Dome" to discover the whereabouts of the missing Lafite Savings capital. It has disappeared! Ignace has to solve this mystery and save the little town of Lafite, Louisiana.
A financial crisis began in the late 1970's with inflation at 15-17% and interest rates from 16-20%. Government actions are the primary cause of inflation in any country.
Financial institutions that lent money long-term at 6% to 8% were paying 14% to 16% for savings, which gave them a negative cash flow of 8% on their total assets. No lender can sustain this situation for an extended length of time.
