en.wikipedia.org/wiki/1989
3 corrections found
which costs U.S. taxpayers nearly $200,000,000 in bailouts
This understates the cost of the savings-and-loan crisis by orders of magnitude. Credible federal sources put the taxpayer cost at roughly $124 billion to $132 billion, not $200 million.
Full reasoning
Federal sources contradict the "$200,000,000" figure.
- The Federal Reserve's history of the Savings and Loan Crisis says: "The ultimate cost to taxpayers was estimated to be as high as $124 billion."
- An FDIC speech summarizing the thrift crisis says the failures "cost the taxpayers an estimated $132 billion."
So the article's claim that the crisis cost taxpayers "nearly $200,000,000" is off by roughly three orders of magnitude. Even if the sentence intended to refer to the broader savings-and-loan crisis rather than just Lincoln Savings specifically, the documented taxpayer cost was in the hundreds of billions, not the hundreds of millions.
2 sources
- Savings and Loan Crisis | Federal Reserve History
The ultimate cost to taxpayers was estimated to be as high as $124 billion.
- Three Financial Crises and Lessons for the Future | FDIC.gov
Deposit insurance for thrifts in those days was in a separate fund administered by the Federal Savings and Loan Insurance Corporation, or FSLIC, and these failures cost the taxpayers an estimated $132 billion.
who changes the party's name to the Bulgarian Socialist Party.
The party was not renamed on November 10, 1989. Official and reference sources place the renaming in early 1990, with sources specifically citing April 3, 1990.
Full reasoning
This clause compresses two separate events into one and gets the timing wrong.
- The Bulgarian Socialist Party's own history says that in the beginning of 1990 the Bulgarian Communist Party declared its wish to reform, and after a party-wide referendum it renamed itself the Bulgarian Socialist Party.
- A Refworld country report states more specifically that the Bulgarian Communist Party "changed its name to the Bulgarian Socialist Party (BSP) on 3 April 1990."
Petar Mladenov did replace Todor Zhivkov on November 10, 1989, but the party name change happened months later, not the same day.
2 sources
- Българска Социалистическа Партия
В началото на 1990 г. БКП обявява желанието си да се реформира... След общопартиен референдум тя се преименува в Българска социалистическа партия (БСП).
- The Bulgarian Socialist Party | Refworld
In order to underscore the break with the past, and to rid itself of the liability of the Communist Party label, the BCP changed its name to the Bulgarian Socialist Party (BSP) on 3 April 1990.
United States Army General Colin Powell became the first Black Chairman of the Joint Chiefs of Staff after being nominated by President Bush.
This event is mistimed. Bush announced Powell's nomination on August 10, 1989, but Powell did not become Chairman until October 1, 1989.
Full reasoning
The August 10 event was the nomination, not Powell's accession to the office.
- The American Presidency Project preserves President George H. W. Bush's August 10, 1989 remarks announcing Powell's nomination to be Chairman.
- The Joint Chiefs of Staff's official history says: "When Powell became Chairman on 1 October 1989, he was the first African-American..."
So Powell did not "become" Chairman on August 10; he was nominated then and assumed the office on October 1, 1989.
2 sources
- Remarks Announcing the Nomination of General Colin L. Powell To Be Chairman of the Joint Chiefs of Staff | The American Presidency Project
August 10, 1989 ... I am most pleased to introduce the man that I have selected to be the next Chairman of the Joint Chiefs of Staff: General Colin L. Powell.
- General Colin Luther Powell | Joint Chiefs of Staff
When Powell became Chairman on 1 October 1989, he was the first African-American, the first ROTC graduate, and, at fifty-two, the youngest officer to serve in the position.