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: 09-26-2008
Mon, 10-06-2008 - 10:44pm
BWAHAHAHAHA - no he wasn't - he was rebuked - but keep on thinking that.....
iVillage Member
Registered: 07-22-2008
Mon, 10-06-2008 - 11:07pm
"Rebuked?" BWAHAHAHAHA - parroting the wacko lib "buzz-words"? LOL!
iVillage Member
Registered: 08-20-2008
Mon, 10-06-2008 - 11:14pm

"t would do well for everyone to remember that this scandal did not happen too long ago."

In terms of percentage of McCain's life backwards, the Keating 5 is practically yesterday.

And it is squarely relevant to current events.

And McCain never got over the special influences. Just look at all the lobbyists on his campaign, or his other more recent contacts with that other lobbyist (people focus on the smarmy cheating on his wife aspect, but that's not the half of it).

iVillage Member
Registered: 11-08-2003
Tue, 10-07-2008 - 1:07am
McCain was sanctioned by congress for his involvement. He was not completely exonerated. Being sanctioned by congress, is very serious.

 Rose

iVillage Member
Registered: 07-22-2008
Tue, 10-07-2008 - 1:29am
The investigator recommended he get off scott free...but the corrupt Dems in Congress didn't have the integrity to let the sole INNOCENT Republican walk while condemning four fellow Democrats.
iVillage Member
Registered: 11-08-2003
Tue, 10-07-2008 - 1:31am
No, I don't think Ayers was innocent, and I also don't think McCain was only guilty of poor judgement. The fact is, Obama was eight years old when Ayers was a member of the weathermen. He was never convicted of anything.

 Rose

iVillage Member
Registered: 11-08-2003
Tue, 10-07-2008 - 1:47am

I have no idea how he got out of this charge.

 Rose

iVillage Member
Registered: 11-08-2003
Tue, 10-07-2008 - 2:06am

As far as I am aware Keating isn't running for POTUS...McCain is.


Using the same rational as you did in your post: Ayers isn't running for POTUS....Obama is.


Keating was the guilty party here, as were Cranston, DeConcini, and Riegle


Ayers was the party in question here. (unlike Keating, he never stood trial)

 Rose

iVillage Member
Registered: 09-08-2008
Tue, 10-07-2008 - 2:15am

((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.))

McCain should have had to pay some of this back. He got a pass for being the son and grandson of admirals. He hasn't learned a single lesson. That's why free passes should never be given to the "entitled".

iVillage Member
Registered: 11-08-2003
Tue, 10-07-2008 - 2:18am

I don't chose to stoop to such a low level.


As for Obama...it was much more than having a neighbor.

 Rose

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