October 1, 2008 § Leave a comment
History. I’m only recently appreciating the degree to which the young-uns of voting age are ignorant. See this comment, for example from some youngster who has no idea the Boomers are the root of most of our current evils. Sheesh.
revere of Effect Measure has a great history lesson up:
All five Senators were dinged by the impotent Senate Ethics Committee in 1991, three for substantial and improper interference with a Federal Home Loan Bank Board (FHLBB) investigation, two with exercising poor judgment. They all finished their terms, but only two stood for re-election and both won. The only Republican in the group was John McCain.
revere also points us to the Wikipedia article:
The core allegation of the Keating Five affair is that Keating had made contributions of about $1.3 million to various U.S. Senators, and he called on those Senators to help him resist regulators. The regulators backed off, to later disastrous consequences.
which also notes:
the U.S. Savings and Loan crisis of the 1980s and early 1990s was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. taxpayer.
The accompanying slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990-1991 economic recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, the lowest rate since World War II.
and finally revere knows that the younguns would prefer a nice pre-digested video account.
Read, listen, forward and, if you blog, post for the edification of the youngsters.