Current Economic Meltdown Just Like McCain's Keating 5 Scandal

Posted by DJK, Brave New Films at 5:25 AM on September 22, 2008.

Not many people (including myself) know a lot about John McCain and how he is a member of the Keating 5, a group of senators largely responsible for the savings and loan crisis of the late 1980s. But here’s a hint — it’s almost exactly like what is happening in our economy right now, only on a smaller scale. An industry making outrageously risky deals, a lack of oversight, and politicians (including McCain) fighting for less regulation over the offending industry, claiming the magical “free market” would take care of any improprieties. And the ending was the same, too — a massive taxpayer bailout.

Progressive Accountability has produced a new documentary, Third Term, which explores McCain’s involvement in the Keating 5 and how McCain’s economic policies are identical to or worse than Bush’s. Third Term won’t come out until September 25 (can’t they bump that up a little sooner?), but the preview makes a nifty summary of McCain’s involvement in one of the nation’s biggest economic/ethics scandals. That is, until this week.


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Tagged as: economy, john mccain, 2008 election, deregulation, bailout, progressive accountabilit, keating 5, third term

Jonathan Kim blogs under the name DJK. He is a Co-Producer at Brave New Films. He co-produces the Fox Attacks series and blogs for the bravenewfilms.org and foxattacks.com websites.