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: 01-18-2006
Mon, 10-06-2008 - 9:53pm

I am not trying to rewrite history.

 

iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 9:55pm

Sorry...but that is false.

 

iVillage Member
Registered: 03-30-2007
Mon, 10-06-2008 - 10:00pm
What is not true about it?
iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 10:04pm
Sorry, that's more than just a little bit funny. I say "chastised," you say you can't find anywhere that it says any such thing. I post a link to a story.....you shriek back "You FAILED again," followed by a (false) claim that the link I provided doesn't say "chastised".....and when I point out (again) that it certainly DOES.....you then start criticizing the SOURCE?

how many goldang sources do you NEED?

The mildest rebuke was reserved for McCain and Glenn, who were chastised by the committee for "poor judgment."


That's the Washington Post...or are would you like to pile on them, too?

Oops, wait....maybe you would - I forgot. Conservatarians DO like to complain that reality has a noticeable liberal bias, dang it all!

iVillage Member
Registered: 01-18-2006
Mon, 10-06-2008 - 10:05pm
I will ask you...how do you know McCain gave away secrets to the enemy?

 

iVillage Member
Registered: 08-31-2008
Mon, 10-06-2008 - 10:07pm

What ties does Obama have to a known terrorist?

iVillage Member
Registered: 03-30-2007
Mon, 10-06-2008 - 10:09pm
Let's see.
iVillage Member
Registered: 09-25-2008
Mon, 10-06-2008 - 10:09pm

iVillage Member
Registered: 07-22-2008
Mon, 10-06-2008 - 10:17pm
BWHAAHAHAHAHAH - yes he was.
iVillage Member
Registered: 08-31-2008
Mon, 10-06-2008 - 10:30pm

<Nope sorry...I am not incorrect. Again I have a spouse that was employed by the feds for 2 years and great friends with a high ranking federal agent.>


Ok - your spouse and great friends have denied Obama federal clearances? Is that what your espousing?


Unless you can state that, equally anecdoctally, you are not correct!

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