This film is completely pertinent to the news of a trillion dollar government bailout we are reading about this morning. The film focuses on how we got where we are.
Check out this clip.
It’s the same thing that’s happening now, as banks fail, and as our housing market collapses. And the people responsible for this new crisis are the ones McCain has surrounded himself with, men like Phil Gramm and his banking lobbyists. He will offer the same kind of deregulatory policies that led to the banking collapse of the early ‘90s.
John McCain was implicated in the biggest S&L scandal of its time back in ’80s –The Keating 5:
Charles Keating's Lincoln Savings and Loan, was making a lot of risky investments, and the government was investigating. So Keating called some of his old pals in the Senate to put a little pressure on the government regulators and get them off his back. McCain accepted. Keating raised $1.3 million for them. They challenged regulators who were investigating his operations. Lincoln collapsed, leading to a bailout of $2.8 billion in taxpayer money. Keating went to prison for four years. McCain should have joined him. McCain was the closest of any of the Keating Five to Charles Keating.
John McCain has built his political career on deregulation and now we see where it has gotten us. Look at John McCain's record and statements from the 2008 campaign:
- McCain Said The Difference Between Obama & Himself Would Be “More Regulation Or Less Regulation.” [McCain Media Availability via CQ Transcriptions, 3/3/08]
- "I don’t think anyone who wants to increase the burden of government regulation..." - John McCain [Town Hall in Inez, Kentucky, 4/23/08]
- “I understand why the AFL-CIO and maybe other unions may oppose my free market less regulation" - John McCain [Fox News,” Special Report with Brit Hume,” 3/12/08]
- "Let’s reduce regulation.” - John McCain [CNN, “Ballot Bowl, 3/15/08]
- "We need less government. We need less regulation..." - John McCain [PBS, “Washington Week,” 1/25/08]
THIRD TERM - WATCH THE TRAILER