Keating Economics John McCain and a Financial Crisis (2008) mov

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Name:Keating Economics John McCain and a Financial Crisis (2008) mov

Total Size: 148.52 MB

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Last Updated: 2016-02-01 00:03:34 (Update Now)

Torrent added: 2008-10-06 16:42:20

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Keating Economics - John McCain and a Financial Crisis (2008).mov (Size: 148.52 MB) (Files: 1)

 Keating Economics - John McCain and a Financial Crisis (2008).mov

148.52 MB


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KEATING ECONOMICS: The story of John McCain and the making of a financial crisis

The current economic crisis demands that we understand John McCain\\\'s

attitudes about economic oversight and corporate influence in federal

regulation. Nothing illustrates the danger of his approach more clearly than

his central role in the savings and loan scandal of the late \\\'80s and early


John McCain was accused of improperly aiding his political patron, Charles

Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan

Senate Ethics Committee launched investigations and formally reprimanded

Senator McCain for his role in the scandal -- the first such Senator to

receive a major party nomination for president.

At the heart of the scandal was Keating\\\'s Lincoln Savings and Loan

Association, which took advantage of deregulation in the 1980s to make risky

investments with its depositors\\\' money. McCain intervened on behalf of

Charles Keating with federal regulators tasked with preventing banking fraud,

and championed legislation to delay regulation of the savings and loan

industry -- actions that allowed Keating to continue his fraud at an

incredible cost to taxpayers.

When the savings and loan industry collapsed, Keating\\\'s failed company put

taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost

their savings. John McCain was reprimanded by the bipartisan Senate Ethics

Committee, but the ultimate cost of the crisis to American taxpayers reached

more than $120 billion.

The Keating scandal is eerily similar to today\\\'s credit crisis, where a

lack of regulation and cozy relationships between the financial industry and

Congress has allowed banks to make risky loans and profit by bending the

rules. And in both cases, John McCain\\\'s judgment and values have placed him

on the wrong side of history.

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