Here is a thirteen minute documentary the Obama / Biden campaign put together that talks about the Keating Five Savings and Loan Scandal (not a “-gate”, thank fsm).
All in all it seems to be a solidly produced piece of work. What will make it devastating to the people that watch what is currently happening on Wall Street and on Main Street as another crisis brought about by de-regulation and lax government oversight comes to a boil.
Today the DJIA ended below 10,000, and got dang near to 9,500 in the early afternoon.
The Fed responded by “printing” about $300,000,000,000 in 28-day and 84-day loans that can be bought in auction by the banks.
They want to cut credit rates again, but they are so low now, it won’t do much to cut them again. So print money it is.
I’m working on a longer video re: how the crisis came to be and where the money went story. The simple answer on where the money went is here. How is came to be is here. I’ll give more detail in the video. I disagree with Factcheck.org regarding deregulation as a reason why this came to be. I don’t quetion thier facts, only thier logic and opinions, which are different. Arguing root causes of complex actions is not a fact place. Arguing data points used to support theories is the place for fact checks. They actually claimed that deregulation “cushioned” the crisis by allowing the mad mergers we’ve seen in the last few weeks. While this is true, in a sense, it requires forgetting that by allowing the creation and trading of mortgage-backed securities we created a huge influx of east-to-get credit/hard-to-value debt that pushed up real home prices, which built a huge real estate bubble, which got passed around and trade and speculated upon like a hot potato (see: where the money went story above). This gave rise to “flippers” and “self-stated income”, and then the whole game came crashing back to a earth scorched by a long, expensive war, and a dollar battered by paying for it. This wave came and wiped away both real estate (old-school banks) and investment (new school banks) banks at once (only possibly once they became mingled due to removing rules established during the Depression to keep this *exact same thing* from happening).
Ultimately the landscape is tilting *waaaaay* in Obama’s direction. And if you are one of the ones that is waiting for Barack to start playing bare-knuckle politics…much like Ms. Palin attempted to do this weekened with her “Barack is a terrorist” stabs in the dark(ie)…watch the video and shout for joy.
It’s game time. One month to go, and the first shot is a haymaker.