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McCain and The Keating Five

Faithful reader, how many of you under 30 (it’s not fair if we let the older people play, sorry..lol) have ever heard about The Keating Five? Hint..they was linked to the collapse of one major savings and loan- Lincoln Savings and Loan Association. 

Ok..nobody, nobody at all? Well, that’s not surprising..when the US savings and loan crisis was taking place I was still playing with barbie dolls and listening to  Milli Vanilli  ( you were too so don’t laugh didn’t you just love the braids..lol). 

Ok, so you don’t know about it learn more here and below 

The Keating Five scandal probably left the biggest blemish on McCain’s career. And McCain obviously shies away from speaking about his role in the entire affair. Wouldn’t you? If you caused or were accused sorry, of causing thousands of people to lose their life savings would you want to shout it from the rooftops or would you want to crawl under a rock and die? I hope you would chose the latter but anway over the years McCain has rebuilt his reputation and standing in the Senate and the community, character attacks on him have seldom succeeded since he’s now seen as a straight shooter.

But in the next few days you will start to see some character assassination attempts on Barack Obama, by members of McCain’s camp. Some of the attacks might even come directly from John McCain, betcha he goes for the jugular on Tuesday at the presidental debate? But believe me you’re going to hear and read about Obama’s link to ‘terrorists‘. His connection to corrupt Chicago business man Tony Rezko and of course, of course Rev.Wright.

Don’t expect a gentleman’s campaign over the next few days. There will be no October surprises but there will be lots and lots of mud and stone throwing.

Instead, if I were them I would throw away the Republican play book and try to follow the old proverb people in glass houses shouldn’t throw stones because the stuff that might be thrown back, by the Obama team and a press core trying to appear fair, just might demolish my entire house.

October 31, 2008 Posted by | Politics | , , , | Leave a comment

Wrong From the Beginning

Sen. Obama’s latest campaign video, “Keating Economics: John McCain and the Making of a Financial Crisis,” features William Black, the former deputy director of the Federal Home Loan Bank Board, who attended a meeting, in April 1987, of McCain, four other senators and Black’s boss at the time, Edwin Gray.

The “Keating Five” scandal became the symbol of the collapse of the nation’s savings and loan industry and the ensuing $124 billion government bailout.

Black and Gray testified before the Senate Ethics Committee in 1990 that McCain, along with Sens. Dennis DeConcin (D-Ariz.), Alan Cranston (D-Calif.), John Glenn (D-Ohio) and Don Riegle (D-Mich.), pressured Gray to relax an investment regulation opposed by Charles Keating. The committee ruled that McCain exercised “poor judgment” for his role in the affair.

Black, now an associate professor of economics and law at the University of Missouri-Kansas City, told me that McCain has long opposed regulation of the financial markets.

“McCain has gotten this stuff wrong from the beginning,” Black said. “One his first acts as a member of the House was trying to stop the re-regulation of the thrift industry” by opposing efforts by regulators to increase capital reserves and reduce the amount of money thrifts could invest, as well as other revisions sought by regulators.

With the economy heading into recession, Obama is bringing up McCain’s unsavory ties to Keating in an attempt to focus the blame for the current financial crisis on the man who was in the eye of the last financial storm to plague the nation the nation–the S&L crisis.

It’s a strategy that could work.

http://washingtonindependent.com/10601/10601

October 30, 2008 Posted by | Politics | , , , , | Leave a comment

CNN Truth Squad on Keating Economics

The verdict is in. CNN Truth Squad gives the stamp of approval on 

October 30, 2008 Posted by | **MAIN**, Politics | , , , , | Leave a comment