Following is an edited excerpt from the transcript of "The Betrayal of Democracy," a documentary that aired in April on the Public Broadcasting Service's Frontline series. Journalist William Greider elicited views from four observers on how Washington dealt with the burgeoning thrift crisis in the late 1980s.

The participants were Rep. Jim Leach, R-Iowa; Robert DUGGER, former chief economist of the American Bankers Association; M. Danny Wail.. former chairman of the Federal Home Loan Bank Board; and Thomas L. Ashley, president of the Association of Bank Holding Companies and a former Democratic congressman.

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