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:
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The numbers in this video are astounding. They can be verified at the Center for Responsive Politics.
In fairness to Sen. McCain, here is his entire answer to the question about requiring the oil industry to pursue alternative energy resources for context:
MR. HARWOOD: You would not require the oil industry to use its profits to help pursue alternative energy?
SEN. MCCAIN: I would not require them to. But I think that public pressure and a lot of other things, including a national security requirement that we reduce and eliminate our dependence on foreign oil — and we stop the contamination of our atmosphere, which is — and climate change, which is real and is taking place.
I’m of two minds on this, to be honest. It bothers me to think about the companies who are sucking the life blood out of our economy right now getting a second bite at the apple by owning alternative energy technology that we all need. I’d just as soon ban them from the R&D of alternative energy because I’m not interested in having them control my access to it.
On the other hand, it seems as though some of the obscene profits they’re currently raking in should be reinvested here, but NOT by drilling.
What do you think?
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DNC – Ch-Ch-Ch-Changes
Some things change; some things stay the same. The constants are good. Howard Dean is staying on as the chair of the DNC.
However, as of yesterday, no contributions from lobbyists or PACs will be accepted by the DNC. Senator Obama announced it on the campaign trail today in Bristol, VA. Chairman Dean’s statement:
“Our presumptive nominee has pledged not to take donations from Washington lobbyists and from today going forward the DNC makes that pledge as well,” Democratic National Committee Chairman Howard Dean said in a statement. “The American people’s priorities will set the agenda in an Obama Administration, not the special interests.”
I made a vow that I would make a contribution to the DNC when they did the right thing. To me, “the right thing” was sorting out the Michigan and Florida delegate debacles, and standing up to the political machine of the Clintons through the entire primary season.
Yesterday’s announcements, along with the RBC meeting on Saturday, satisfied both of those requirements. I have made my donation to the DNC today and hope you will, too.
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