European Stars and Stripes (Newspaper) - June 20, 1990, Darmstadt, Hesse                                Page 4 a a the stars and stripes wednesday june 20,1990 demos had a big role in crisis of a amp is Bush spokesman says Washington up a White House press Secretary Marlin Fitzwater said tuesday that much of the blame for the nations savings and loan crisis lies with the democrats and he dared them to make it a Campaign Issue in november. Quot i just want to put them on notice that this plays both ways and we re ready to play a Fitzwater said of the nations greatest financial disaster since the depression. Fitzwater for the first time said democrats were responsible for much of the scandal in Large part because they pushed through a change in the limit on funds that could be secured by the government thereby boosting depositors losses and the eventual Cost to the taxpayers. A the big part of the problem Here is that in the dead of night a few years ago the democrats pushed through raising the limit to $100,000 a person a Fitzwater said. A a. I done to think you hear any serious analysis of this problem that does no to Point to former Rhode Island Democrat and Senate banking committee chairman Freddie St. Germaine and the changes that were made in the banking Laws Back  fitzwaters attack Complete with a warning and Challenge to democrats if they make the crisis a Campaign Issue this no vember came As the administration took up critical negotiations with Congress on a budget reduction plan that officials now concede will require cuts of up to $80 billion due mostly to the Cost of the governments Thrift bailout program. Cost of the bailout now is expected to run Between $ 130 billion and $500 billion. The attack also coincided with new House hearings into the collapse of Silverado savings and loan in Denver. President Bush a son Neil was on the failed thrifts Board. Asked specifically if he was saying democrats were responsible for the crisis Fitzwater said a a in a saying the democrats have a big role in  the spokesman went a step further and named specific democrats including sen. Bob Kerrey d-neb., sen. Donald Reigle a Mich. And chairman of the Senate banking committee sen. Dennis Deconcini d-ariz., former House speaker Jim Wright a Texas and former rep. Tony Coelho a Calif. A take a look at All of them a he said. A they want to make this a political Issue Well be glad to do  asked if the past administration carried any blame especially for cutting Back on the number of Industry Regula tors he conceded a a there a a lot of responsibility for every place but i see some disturbing signs of democrats wanting to make this political i think senator Kerrey and others Are clearly trying to make it a Campaign Issue and if they want to do it so be it. Quot there Are a lot of Battles that can be fought on this turf and we re ready a he said his comments appeared to be a response to mounting criticism in Congress about the Pace of the administrations efforts to clean up the thrifts and prosecute those responsible. A we do expel results but its not going to be a Quick and easy process a Fitzwater contended echoing recent remarks of Treasury Secretary Nicholas Brady who also serves As chairman of the oversight Board of the Resolution Trust corp. A a we re talking about a decade of negligence and mismanagement that has to be  the Etc created last August by Bush a Thrift Rescue Bill is responsible for overseeing the dismantling of failed thrifts. The Agency Hopes to have 300 investigators tracking Thrift fraud and other criminal Condra in the savings Industry by years  estimate the Cost of the savings and loan bailout in billions of dollars pay no administration to $130 $90 Congress j $140private economists $1541 pay later admins traction $1661congressional budget office $2311general accounting office $325 my May 23 estimate Quot recent estimates figures from the  10-year periods. The Gao estimates is wer 40 years. Sources Boston Globe r Dan Brumbaugh jr., James r. Barth Gao Federal Home loan Bank Board co and office of management and budget j Krten inf graphics Roy Gallop rooms at the Excalibur Start at $45 a night a rate the owners Are betting will attract Middle income americans. Worlds largest hotel opens its 4,032 rooms in Las vegas Las vegas apr the worlds largest hotel a a giant Castle with court jesters Friendly dragons Slot machines and poker tables a opened with medieval fanfare tuesday on the Las vegas strip. The 4,032-room Excalibur is the latest Effort to lure Middle America to this gaming capital. It was built for a modest $290 million less than half the Cost of the recently opened Mirage. Rooms Start at $45 a night. Hotel officials expected a full House tuesday night. Hundreds of Las vegas business political and social figures received a sneak preview monday night. A is no to this the most sensational thing you be Ever seen a actor Ernest Borgnine said As he watched a Knight on a White horse prance across a lobby. A just look at this. What can you possibly say a minstrels jugglers and harpists entertained guests a 10-foot dragon Cavor Ted and a Man in a suit of Armor walked stiffly amid the guests. The entertainers will be Standard fare at the hotel which mixes some of the Aura of a theme Park with the Glitz of a Casino. Tuesdays formal opening marked a Milestone for circus circus enterprises inc., the gaming hotel operation that has carved a Niche for Middle Ameri Ca in Nevada. The $1.6 billion circus circus company which started with one struggling strip hotel Casino 16 years ago has become the envy of the gaming Industry with a strategy focusing on Low rollers rather than coveted High rollers. Chairman William Bennett announced to stockholders last week that the company planned to reduce its $500 million debt by about $200 million in the coming year largely on added Revenue from the Excalibur. Glenn Shaeffer chief financial officer for circus circus said the company could probably pay off All its debt in three or four years from Excalibur Revenue but May opt to look at new projects. Shaeffer said the company which once eyed Atlantic City has no interest in expanding to new Jersey. A your desire is to have the strongest balance Sheet in the Industry a he said. The Excalibur is anchored by four 28-Story towers and covers 70 acres. It has about 500,000 Square feet of Public entertainment space including a Renaissance Village 12 food outlets and a Casino the size of four football  leaders warn on change in China s status Washington up a . Businessmen warned tuesday that withdrawing China a most favored nation Trade status would have dire Side effects ranging from a possible loss of americans biggest wheat Market to higher prices for teenage mutant ninja turtles toys. The testimony before a House Trade subcommittee hearing on president Bush a May 24 recommendation that China keep its Trade status demonstrated the pressure Congress faces from . Capitalists not to penalize the communist leaders in Beijing for last june a Tiana men Square massacre. The subcommittee of the House ways and Means committee also heard testimony from House members of both parties who urged that China either be denied the Trade status a which makes its imports cheaper a or that China Only keep its Trade status if it meets conditions such As releasing political prisoners. But that position was disputed by . Fanning and business interests. A revoking China a most favored nation Tariff status. Is equivalent to a declaration of economic War Between the worlds richest nation and the worlds most populous nation a said John Kamm president of the american chamber of Commerce in Hong Kong. A there will be no winners in such a  Steven Mccoy president of the North american Export Grain association said China would be sure to retaliate against american farm products if its Trade status were revoked. China is the leading Market for . Wheat with sales of More than $1 billion last year he said. Fenmin Cuza of the Mattel toy company said China supplies America with about a third of its toys and warned that if its most favored nation Trade status were revoked a Christmas 1990 would not be a Happy  As an example Peter Nelsen president of the International Trade Council said teenage mutant ninja turtles which Are made by a Hong Kong company in China would nearly double in Price if China lost its Trade status. Legislation has been introduced in both houses to overturn Bush a decision. But both democratic and Republican members of the panel had reservations about revoking China a Trade status. Rep. Frank Gua Rini d-nj., asked whether a we Are shooting ourselves in the feet a and rep. Philip Crane r-i1l, said he worried that Hong Kong would be Hurt by Trade sanctions