As the stock market recovers from its biggest single-day drop since the crash of 1987, a former federal regulator who had a front-row view of John McCain’s role in the Savings and Loan scandal says he is repeating some of the same mistakes.
Apparently John McCain’s so old he doesn’t remember the mistakes he has made in the past. Those who do not learn from the past are doomed to repeat them. We cannot afford for this dangerous man to keep repeating the same mistakes over and over again. Imagine the mistakes he could make as Commnader in Chief.
For those of you who do not know what the Keating 5 is, here is a video summary:
Here is what the regulator had to say about McCain:
“In the S&L crisis, he took his advice from the worst [kind of] criminal. Charles Keating is the person he went to for his policy advice,” Black said. “Now, he certainly is getting advice from Phil Gramm, Carly Fiorina, Rick Davis — the whole group of economic and top political advisers are lobbyist types. He just doesn’t seem to get it, ever, that the advice is going to favor their clients. Even if they just stop being lobbyists, you can’t just turn that off instantly. It’s their mind state that develops. … The biggest lesson is that, when you deregulate and de-supervise, you create an environment where control fraud emerges. You hyper-inflate bubbles; you get criminalization.”
Never a truer statement was never made about this selfish, demented old man who masquerades as something different, a maverick if you will. Remember, if elected, there is a 70% probability that Phil Gramm will be the next treasury Secretary overseeing the $700 BILLION dollar bailout to do with as he pleases without repurcussions.
The bottom-line is that two decades after his role in the savings and loan crisis, John McCain is still the same old guy, more focused on deregulation than on delivering the sensible protections we need.
On a side note, I wish someone would ask Sarah Palin if she knows anything about the Keating 5.