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Monday, October 6, 2008

Obama Releases Documentary on Keating Five

Update: Full Video is up





The Keating Five bomb has dropped. This is why John McCain's campaign is in trouble. He's decided to stop talking about the economy and attack Obama about William Ayers. This may, at first blush, appear to be a good strategy as he obviously is losing ground badly to Obama while the economy is in the forefront. Of course, McCain wants a character campaign. However, and unfortunately for him, his own character issues are directly related to economics, fraud, and the worst banking crisis prior to this one: the Savings and Loan scandal.

Now that he's hit Obama on Ayers, Obama can go after him hard on Charles Keating, and he has. Today, Obama's campaign announced they are releasing at Noon ET a 13 minute documentary about McCain and Charles Keating. From the Obama campaign:
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.

Sound familiar?

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.

So at noon Eastern on Monday, October 6th, we're releasing a 13-minute documentary about the scandal called "Keating Economics: John McCain and the Making of a Financial Crisis" -- it will be available at KeatingEconomics.com, along with background information that every voter should know.
They've even set up a website dedicated to the Keating Five. You can find it HERE.

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