John McCain and the Making of a Financial Crisis
As we struggle through the greatest financial crisis since the Great Depression, and we are being presented a choice for President of the United States who would have you believe he is trying to “rescue us” from it, I would like you to watch this, think about it, and even comment about it. The Keating Five scandal will tell you a lot about McCain, his associations with questionable people (while he points the finger at Obama), and his poor judgement. This is not criticism of the Republicans or the GOP, but it is rather a criticism of the candidates, particularly the McCain ticket, they present as one of your choices.
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Tags: documentary, keating five, mccain, presidential election, Scandal, video
October 27th, 2008 at 2:13 am
Economic disaster is one of the major problems of US, these days and not only America but also Europe. And they say that the reason behind of this economic disaster is the deregulation. This global economic crisis needs an immediate global response.
Americans are struggling with the current economic crisis that has been brought on by careless mortgage lending. However, America is not the only country that is negatively affected by this economic calamity. The International Herald Tribune tells its readers that the credit crunch is being felt in Europe, too. Small businesses like Dominique Boudier’s printing company, outside of Paris, rely on credit with their suppliers to operate. Boudier’s creditors are reducing their offerings by half. The suppliers’ credit insurance companies have mandated this cut. Considering the 60-day lag time in which clients pay, Boudier’s business needs additional cash flow to compensate for this major shortfall. Because Boudier’s bank has its hands tied as well, Boudier fears the worst. Boudier’s bank, like many others throughout Europe, started to put its money to sleep with the European Central Bank instead of investing it in other banks and the economy as a whole. When banks began to fail and liquidity was disrupted, credit began to dry up. Similar to America’s Federal Reserve Bank, the European Central Bank uses a mechanism based on the ability to produce as much fiat money as necessary. Fiat-money currency, which is essentially credit money, loses worth as soon as the government declines to further guarantee its value. Inflation is on the rise. Many people believe that stronger private banking systems that make responsible decisions will eventually solve this problem. In the meantime, payday advance loans will be easier to get for those that need short-term assistance and can’t afford to wait for the faltering central banking system.
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