Keating Economics

Keating Economics

Keating Economics refers to a series of attack advertisements against John McCain. Learn about John McCain's "Keating 5" scandal. Barack Obama has been referencing the Keating 5 in recent advertisements about the economic collapse.

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This brief video story was produced by the Barack Obama campaign as an effort to discredit Obama's opponent, John McCain. The video details the investigation into Charles Keating and the five senators he supposedly bribed, including John McCain. More from the Washington Post:

"McCain was ultimately exonerated by the Ethics Committee, which did fault him for exercising poor judgment in attending two meetings with federal regulators about their case against Keating, a once high-flying savings and loans owner who contributed $112,000 to McCain campaigns (as well as making gifts that were not found to be illegal). The collapse of Keating's thrift ultimately cost taxpayers billions, and Obama's campaign mounted a full-scale assault today on McCain's involvement, with an ad and short web documentary questioning his judgment."
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Written by monastra on
So in the one of the more anticipated Fed meetings recently, there was a decision to keep the key lending rate the same. The article from www.cnn.com read the following: NEW YORK (CNNMoney.com) — The central bank left its fed funds rate at 2% despite increased hopes for a rate cut. Wall Street wanted a cut in order to help ease the pain in the financial sector and restore investor confidence. The Fed’s policymakers acknowledged the deepening problems facing the nation’s financial markets in a statement. But the Fed added that it believes rates are already low enough to spur future economic growth and ... Read Full Story
Written by monastra on
I have been following this subject matter of oil and gas now as it has become the ever so present screen saver on each and every TV and newscast I turn to. The economy, the faltering market, the ups and downs of oil/gas, and of course our good ole currency. I wrote previously about the foundation of an energy policy that would allow for offshore drilling to compliment an expansion within the alternative fuel markets thus producing a long term plan in which we could free ourselves from imported oil. As I continue to read, I find mounting facts that the reason for our ... Read Full Story
Written by monastra on
In an unprecedented move by the US Congress, the House today actually did not pass a bill that spent money to bail out a flawed system. The cries of people have been heard the world over and the shock-waves of the financial markets are being felt overseas as international trading is down the world over. However, when looking at the situation in full scope, is this all bad? The US has been the beacon for free trade for recent memory, at least in my life, and should continue to be so. With that comes the responsibility of not only allowing the great times to ... Read Full Story
Written by monastra on
I find the parallels between subjects and how they are judged here in the US vs. the rest of the world remarkable. For example racism. A sharp subject under any scope, I had the opportunity to read an article recently describing Europe’s apparent progress in the racism area when it comes to fans of their beloved soccer or football. I read it, understanding the issues, and seeing the progress as they described it, but really finding it funny how easily they justified the subject in their own country. After reading, I look back at countless articles from European nations reflecting negatively on the US ... Read Full Story
Written by The_Zimbio_Team on
Wikizines are interactive magazines that anyone can create or edit - and this one is called "Keating Economics". Here you can find fresh voices and respond in real time. Some members write articles about recent news and trends related to the wikizine's topic, others recount relevant personal stories or share their favorite pictures and video clips. Got an interesting idea or story to share with other members of this wikizine? Well, then put on your journalist's cap and add your own article! Read Full Story
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Expert on Structured Finance and Derivatives Gives the Big PicturePrison Planet.comC'Mon, McCain just came off of a presidential run and he was a member of the Keating 5. A forced awakening is coming with the sound of a giant bubble ...  
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Zee NewsSome bailed-out firms spent less lobbying in 3QZee News... rule book over the last three months, some big recipients of the government's USD 700 billion bailout spent a bit less trying to influence legislators. ...and more »  
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La Marine américaine envoie de l'aide dans le PacifiqueCyberpresseSelon l'amiral Keating, 5 avions C-17 avec à leur bord des équipes de secours, des vivres et des véhicules se sont déjà posés aux Samoa américaines, ...and more »  
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Zee NewsBailout in US helped but at a great costZee NewsWashington: A government watchdog said the USD 700 billion bailout for the financial industry played a major role in rescuing the economy over the last year ...and more »  
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The Number One Goal: Less Power for the Big BanksAlterNet... five "Keating 5" Senators were Democrats), the Savings and Loan trade association was ranked in a survey as the third most powerful lobby in America. ...and more »  
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Cape Ann Sports NotebookWicked Local ManchesterWinners for the Fishermen included Tyler Conigliari over Phil MacArthur (7-2, first spot), Connor Cranston over Kyle Keating (5 1/2-3 1/2, third spot), ...and more »  
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Eerie Horror Fest events scheduleGoErie.com3-3:45 pm "The Grassman of Mid-America" with Don Keating. 5-5:45 pm "Bigfoot in Pennsylvania: Past and Present" with Eric Altman. ...  
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The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board (FHLBB). The FHLBB subsequently backed off taking action against Lincoln.

Lincoln Savings and Loan collapsed in 1989, at a cost of $2 billion to the federal government. Some 23,000 Lincoln bondholders were defrauded and many elderly investors lost their life savings. The substantial political contributions that Keating had made to each of the senators, totalling $1.3 million, attracted considerable public and media attention. After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings, with Cranston receiving a formal reprimand. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment".

All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they both succeeded. McCain would go on to become the Republican nominee for president in 2008.

Source: Wikipedia

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