The collapse of the US subprime mortgage market has significantly damaged financial markets around the world. The size and scope of these problems make the subprime mortgage meltdown the largest financial catastrophe since the Great Depression. The subprime mortgage debacle bears many similarities to the Savings and Loan (S&L) crisis of the 1980s. In both cases regulatory and market changes combined with an abandonment of traditional lending and ethical standards to create severe economic turmoil. It is imperative that policy makers understand the causes of the current crisis if they are to implement effective reforms. One prerequisite is to recognize the similarities and differences between the US Savings & Loan Crisis in the 1980s and the most recent financial catastrophe. Toward that end this paper will proceed as follows. We will first develop a motivation for the paper and then provide background information on the two crises. We will then outline the similarities and differences (respectively) between the crises before summarizing and concluding the paper.