Are we on the edge of another savings and loan debacle? That one, in the late 1980s, cost taxpayers an estimated 150 to 200 billion dollars. It happened because too many of the nation's savings and loan banks, knowing that their depositors were insured, took big risks with their depositor's money -- investing in all sorts of schemes. And why not? The upside gains were huge, the downside risks were borne by the government.

Now it's big airlines, along with big steel, and other big old industries that have promised their employees pensions when they retire.

Many of these companies are in trouble because of new, low-cost competitors -- the old airlines now facing the likes of Southwest and JetBlue; old steel now facing high-tech mini-mills.

The government guarantees that pensions will be paid, just as it insured savings and loan depositors they'd be paid. Companies are supposed to save enough to fund their pension obligations. But they've been investing the savings in stocks, hedge funds, junk bonds, and other risky things. And why not? The upside gains could be large and the downside risks are borne by -- yes -- the government.

Last month, United Airlines said it could no longer afford to contribute to its pension plans, and now appears ready to shed its $13 billion pension burden in order to emerge from bankruptcy. As United goes, so will the other old carriers. After LTV Steel unloaded its pensions on the government two years ago, seven other steel companies did the same thing.

After the S & L mess, you might have expected Congress to demand that companies set aside more money to meet their pension obligations, and invest it more conservatively. But you'd be wrong. Last April, Congress actually loosened the rules, enabling the most troubled industries to use accounting gimmicks to make their pension funds look better than they are. Hey, it's an election year.

The lesson: When government insures an industry against loss, it's only a matter of time before those losses are shifted to the government.

Robert B. Reich is co-founder of The American Prospect.