John McCain hopes that voters will forget about his role in our country’s last major financial crisis and costly bailout: the savings and loan crisis of the late ’80s and early ’90s.
But voters deserve to know that the failed philosophy and culture of corruption that created the savings and loan crisis then are alive in the current crisis — and in John McCain’s plans for our economic future.
Watch this short documentary — “Keating Economics: John McCain and the Making of a Financial Crisis ” – about John McCain’s role in that financial crisis. Share it with your friends. More after the jump.
In the middle of the worst economic crisis since the Great Depression, McCain wants to change the subject from the central question of this election. Perhaps because the policies McCain supported these past eight years and wants to continue are pretty hard to defend.
But it’s not just McCain’s role in the current crisis that they’re avoiding. The backward economic philosophy and culture of corruption that helped create the current crisis are looking more and more like the other major financial crisis of our time.
During the savings and loan crisis of the late ’80s and early ’90s, McCain’s political favors and aggressive support for deregulation put him at the center of the fall of Lincoln Savings and Loan, one of the largest in the country. More than 23,000 investors lost their savings. Overall, the savings and loan crisis required the federal government to bail out the savings of hundreds of thousands of families and ultimately cost American taxpayers $124 billion.
In that crisis, John McCain and his political patron, Charles Keating, played central roles that ultimately landed Keating in jail for fraud and McCain in front of the Senate Ethics Committee. The McCain campaign has tried to avoid talking about the scandal, but with so many parallels to the current crisis, McCain’s Keating history is relevant and voters deserve to know the facts — and see for themselves the pattern of poor judgment by John McCain.
The point of the film and the web site is that John McCain still hasn’t learned his lesson.
And this time, McCain’s bankrupt economic philosophy has put our economy at the brink of collapse and put millions of Americans at risk of losing their homes.