Globalization
Keating Economics Video
The Obama campaign has implemented a new web site (http://www.keatingeconomics.com/) dedicated to providing detailed information and facts related to John McCain’s involvement with the Keating 5 savings and loan scandal. This is not new information, and at the time that it was taking place, it was very public information. But it is very relevant information to the current presidential race because the S&L scandal was almost identical to the current sub-prime mortgage scandal except that it was smaller in scale and impact. It couldn’t be more clear that the economic philosophy that allowed both of these scandals to take place is the same philosophy that John McCain has supported, and still supports. It also couldn’t be more clear where this philosophy leads – global financial system collapse.
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The evidence, from the admittedly “Liberal” New York Times, as well as the very “Liberal” PBS Online News Hour PROVES that this pathetic and unfounded attempt to smear McCain with the crimes of Keating is unmitigated BUNK!
1) Although McCain had dealings with Keating (who was a constituent in McCain’s district), McCain was NOT connected in ANY WAY to the CRIMES committed by Keating (and even The New York Times ADMITTED IT).
2) McCain did NOT support, IN ANY WAY, Keating’s request for regulators to ignore his violations (much less eliminate the regulations).
3) In FACT, even the New York Times admits that the Keating scandal ONLY involved Democrats (which is precisely why the Dems were so DESPERATE to lynch the ONLY Republican they could even REMOTELY connect to Keating)!
Quoting the New York Times:
“The special counsel to the Senate Ethics Committee has recommended that the panel clear two of the five Senators under investigation for their links to the savings and loan debacle, Congressional officials said today.
In a confidential report submitted to the committee on Sept. 10, the special counsel, Robert S. Bennett, concluded that there was not adequate evidence to merit a full-scale investigation of John Glenn, an Ohio Democrat, and John McCain, an Arizona Republican, several officials said.”
“If Mr. McCain is dropped from the investigation, the political implications could be significant: He is the only Republican under scrutiny, and Republicans could portray the scandal as a Democratic one.”
4) Quoting the very “Liberal” PBS Online News Hour:
“The Senate Ethics Committee concluded that Glenn and McCain’s involvement in the scheme was minimal and dropped the charges against them. In August 1991, the committee ruled that the other three [DEMOCRATIC] senators had acted improperly in interfering with the Federal Home Loan Banking Board’s investigation.”
Click here for the UNDENIABLE FACTS on what REALLY caused the current housing mess (AND the Keating related S&L mess).
There are many theories being floated by politicians, economists, and financial insiders regarding how our economy has been so utterly undermined. My opinion and view is that we are all to blame at some level or another. The motivation behind the circumstances that allowed the destruction of our financial systems and our domestic economic viability was not partisan in nature. It was greed and profit driven.
I do know, however, that until we, as Americans, rather than Republicans, Democrats, or Independents, are willing and able to bring all facts to light and analyze them with the objective of fixing the problems that allowed the weakening of our economy we will not be able to move in a more positive, and less risky direction.