Yesterday, we watched the Dow drop over 500 points following the news that Lehman Brothers is dead, and Merrill Lynch is not part of Bank of America. Today, we await the fate of one of the nation’s largest insurance companies, AIG… and wait for more shoes to drop.
Some of us are too young to remember (or just weren’t paying very close attention back then), but we had some bank failures back in the late 80’s-early 90’s… a little crisis that involved Savings & Loan institutions. Right at the heart of it was a group of Senators who came to be known as The Keating Five, because they “improperly aided” Charles Keating, Chairman of the failed Lincoln Savings and Loan.
Senator John McCain was one of the Five. Today, I dug back and found an editorial that appeared in the Phoenix New Times in November 1989, entitled McCain: The Most Reprehensible of the Keating Five. Just click on the link to read it yourself, or listen to today’s program, as I share it with you… along with some other goodies, including a listener phone call, and the “McCain Stupid Montage!”
The song “Stupid” comes courtesy of Toad the Wet Sprocket…