> Remember "A Wonderful Life??" George Bailey? That was "Savings and Loans".
Bailey ran a savings and loan. The run in the film was not a reference to the S&L crisis, seeing as the film predates it by decades.
I assume you meant the right thing, but there's enough ambiguity that I could see a reader being confused.
The mark-to-market decline of long-term loans wiped out an entire category of financial services (the Savings and Loans service). Remember "A Wonderful Life??" George Bailey? That was "Savings and Loans".
Gone, the entirety of the entire sector was wiped out, despite the 30+ year bonds still being "good on their money".