Keating 5 Explained
KeatingEconomics.com has been launched to explain John McCain’s participation in the Savings and Loan scandals and his deep, deep ties to Charles Keating and S&L lobbyists.
On a personal level, I lived through this. I had clients that were Savings and Loans, whose employees lost everything when they blew up, just like the banks are doing right now.
In my opinion, there is nothing more important than having someone in the office of President who can grasp the complexities of these economic earthquakes and come to some idea of how to resolve them on a long-term basis. McCain is not the one for that job.
In both cases, it is the complete lack of regulation, reporting and disclosure that brought on the crisis. For a thorough explanation, I suggest listening to this podcast to learn more about the current crisis, the bailout, and the consequences of allowing banks, investment banks, and the commercial paper markets to function without any reporting, disclosure, or oversight of any kind.
If pensions were allowed to function this way, no one would retire. Or at least, they wouldn’t retire willingly or with any assets.
Watch for the documentary tomorrow. And let’s all make informed decisions.
Here’s the intro: