McCain and Keating Economics

iVillage Member
Registered: 09-09-2008
McCain and Keating Economics
19
Mon, 10-06-2008 - 1:56pm

It would do well for everyone to remember that this scandal did not happen too long ago.  Watch and learn.


http://www.keatingeconomics.com/?source=sem-pm-google&gclid=CKTO8reVk5YCFQRfagodgWLRFA


The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.


John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal -- the first such Senator to receive a major party nomination for president.


At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.


When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.


The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.




Edited 10/6/2008 1:57 pm ET by sistah_w

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iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 8:43pm

And the same for McCain and G. Gordon Liddy, right?: - known felon, political terrorist, planning to murder anyone who got in the way of his burglaries?

Why does John McCain hate America? Why does he hang around with these anti-American, low-life criminal types?


iVillage Member
Registered: 07-22-2008
Mon, 10-06-2008 - 8:46pm
True.
iVillage Member
Registered: 08-31-2008
Mon, 10-06-2008 - 8:47pm

You're anecdotal information would be incorrect. I am living proof that questionable associations, trips to the USSR,

iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 8:47pm

My statement?

I know.


iVillage Member
Registered: 07-22-2008
Mon, 10-06-2008 - 8:48pm
Bring on the fish...it'll be fun to shoot them in our barrel...while Obama runs around trying to ex...uh...um...er...uh...um...er...plain how he sat in a pew for 20 years and never heard the pastor. LOL! I'm looking forward to the next couple of weeks.
iVillage Member
Registered: 07-22-2008
Mon, 10-06-2008 - 8:49pm
You made a statement? LOL!
iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 9:01pm

Have fun fishing.

We'll have fun governing. ;o)


iVillage Member
Registered: 03-25-2007
Mon, 10-06-2008 - 9:02pm

Ayers isn't in jail because no charges could be brought due to how evidence against him may have been obtained.

Sopal

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iVillage Member
Registered: 08-20-2008
Mon, 10-06-2008 - 9:02pm
So you're saying you didn't have actions, just associations that are questionable? Like Obama?
iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 9:05pm
Did you read that McCain was INVESTIGATED by democrats and found to not have acted improperly????

 

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