Many on the left have been wondering for months when the media or the Obama campaign would bring up the Savings & Loan scandal, John McCain’s “membership” in the Keating 5, and the clear connections to the economic crisis the world is currently enduring. A few news programs have broached the topic, though usually in biographical pieces about McCain instead of relating it to the sub-prime debacle, with which there are clear, eerie parallels.
So the Obama campaign has done what the corporate media has failed to do: explain the S&L crisis, McCain’s involvement in it, and how little McCain learned from it as he continues (until a few weeks ago) to call for even more of the deregulation that caused both the S&L and subprime disasters. You can view
KEATING ECONOMICS: John McCain and the Making of a Financial Crisis below, or go to KeatingEconomics.com to find out more about it (and even download your own hi-res copy).
Like many voters, I had heard of the Keating 5, but I was a bit young when the S&L scandal happened and had never understood McCain’s role in it (other than him being one of the five). I eventually did my own research and was shocked by the parallels, and even more shocked that the corporate media was not mentioning it every time McCain talked about the economy and/or his abrupt reversal on deregulation and his decades of championing deregulation at all costs. If the corporate media has any shame, they should be ashamed that it took the Obama campaign to bring this story to the fore. It is the media’s duty in a functioning democracy to inform citizens about a candidate’s record and experiences that are relevant to issues being faced by voters today.
And, once again, I am amazed at the Obama campaign’s long-range planning, discipline, and restraint. Obama has mentioned the S&L crisis in speeches but has never discussed McCain’s involvement in it. I’m sure this video was done months ago, but Obama and his campaign weren’t going to bring it up unless they felt they needed to, even though many felt that it was perfectly fair game. But as the McCain campaign unveiled its
very creative plan to win the election by exhuming and beating the long-dead horses of Rev. Jeremiah Wright and William Ayers, the Obama campaign was all ready to roll out a story that is actually relevant to what Americans are currently experiencing. And, to many people, it will actually be news.
I think most voters would rather hear about McCain’s involvement in what is now the second-biggest financial debacle in American history than hearing Rev. Wright say “God damn America!” for the 700 billionth time.