Wednesday, October 8, 2008

"Keating Economics" Starring Senator John McCain

Well if any of us are questioning why America's Economy is experiencing the turmoil that it is faced with today, here is a prime example of how reckless deregulation of our financial companies can effect not only America, but also the rest of the world's economy.

The Keating Five Scandal of 1989 shows us the birth of the bubble that popped on us a few weeks back. Who else would be a "Maverick" to take part in it other than John McCain? After receiving millions of US dollars and political benefits in acts of fraud, John McCain was exonerated (along with NASA hero and former U.S. Senator, John Glenn) for the part he played with five other senators in preventing and intimidating regulators after the Lincoln Savings and Loan institute blew up and robbed thousands of innocent bank clients for billions of dollars of their entire life savings.

Say what you want to about this being a ploy to salt the name of John McCain, but the simple fact is it happened. He (along with Glenn) side step all the issues due to "poor judgment".

How can we as a country which is facing the biggest economical crisis in U.S. History trust someone who helped to keep deregulation as a part of the U.S. economy? I might have a second opinion of McCain if he truly was sorry about what happened in the Keating scandal by switching his stance on regulating U.S. banks. However, even after the case in 1990, McCain has been a supporter of deregulation all the way until March of 2008, some 13 years later. The only reason why he flip flopped on his stance were political and knowing that the bed he had made would be brought completely to light.

Please watch this video to learn more about Keating Economics before you cast your vote in November.

No comments: