“Those who cannot remember the past,
are condemned to repeat it.”
- George Santayana (1863 - 1952)
The Savings and Loan nightmare of the late 1980s is very relevant today. It provides us with historical perspective about the disastrous results the lack of oversight in the financial markets led to. It also shows where deregulation intersected with fraud. At the center of that intersection was Senator John Sydney McCain III, a member of the Keating Five.
“Keating Economics - John McCain and the Making of a Financial Crisis” is a short documentary which spells out the S & L Crisis in great detail. Watch and learn; compare and contrast - you won’t like what you see.