Tuesday, September 30, 2008

John McCain's Keating 5 Problem

By: Harry Waisbren

While John McCain is traipsing around pretending that he is not part of the problem with our failing economy it would be useful to remember that this is not the first time St. John has been confronted with financial misgivings. The Savings and Loan crisis was over 20 years ago, but it was a huge deal back then and the parallels between the corruption amidst massive deregulation certainly speaks to the problems we see today. Digby describes McCain's role as Charles Keating's personal Republican Mafioso as such:
McCain's role in that scandal was very specific: he pressured regulators into going easy on his friend Charlie's savings and loan. And he's done nothing but promote the virtues of deregulation ever since then, spending most of his time warmongering and tilting at windmills on campaign finance reform (which he's conveniently abandoned in his own presidential bid.) His reformer image is a total fraud. 
I'm also embedding another video primer on the case below. Check out the 97 second summary, and you'll understand why Fox News has been cutting the mic on anyone with the audacity to mention McMaverick's personal regulation based scandal (via Jed Report):

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