McCAIN -REGULATOR OF deREGULATOR ~ Wilfong

Somebody needs to dig into that “Keating 5” thing. It might help decide whether John McCain’s “conversion” of this campaign season, is for real. ~ Wilfong

“McCain the Regulator”..are you kidding me….

“McCain the DEregulator” would be more appropros.

It seems that Sen. John McCain is trying an “extreme makeover”, in his quest to gain the White House, to keep the Republican Party in power.  It just won’t work.  Too many Americans have long memories.  And, we read.

The Washington Post reminded us with an article yesterday, “A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.”

Today,. The Post had an article that reminded us, again, “In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that “the potential for government interference with market forces is not limited to federal regulation.” Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country’s financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.

That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.

McCain now condemns the executives at those companies for pursuing the ambitions that the Gramm-Leach-Bliley Act made possible, saying that

“in an endless quest for easy money, they dreamed up investment schemes that they themselves don’t even understand.”

These two “reminders” would be enough to cause confusion, and concern with even the “most informed” and “most patient” of us.  Add to that the fact that many of us remember “The Keating 5”.  You know as in Charles Keating, the Arizona developer who ran Lincoln Savings and Loan, of Irvine, California, into the ground, back in the late 80s.

Back in the late 80s, a newly elected Senator, John McCain joined four other Senators in meetings with federal banking regulators who were looking into Lincoln Savings and Loan, of Irvine, California. Lincoln was owned by Charles Keating, a Arizona developer and friend of John McCain.

Charles Keating was later convicted of some of the charges, exonerated of others. The 5 Senators were not convicted of anything. They were tagged with “bad judgment” designations. But, that was soon forgotten, and buried.

Until now.

Somebody needs to dig into that “Keating 5” thing. It might help decide whether John McCain’s “conversion” of this campaign season, is for real.

Meanwhile, let’s see what’s happening with another “product” of DEregulator McCain’s shenanigans. Today, the Bush Administration announced the takeover of AIG:

“The government steps in again to save a struggling U.S. company. This time, it’s the world’s largest insurer AIG. In exchange for a 2-year $85 billion loan from the Federal Reserve, the government will receive a 79.9 percent equity stake in the company.”  (Washington Post)

We hear McCain rambling on about ending “reckless conduct, corruption and unbridled greed” on Wall Street.  He uses the “we” designation for the “champions of the public good”.  WE (the people) see, McCain, as the abetting culprit, not the champion.  “YOU” set the scenario for them to be “reckless”, “corrupt” and “greedy”-(unbridled greed).   True to their character they are what you say they are.  They rip off the market, get them in this dire condition, then this “we”, you’ve become (you and the Bush Administration), save the bacon.  And, supposedly you’ll ride off into the sunset, and meet up at The White House. 

Well, Mr. DEregulator, WE got news for you.  With the help of the news media, and the internet, we’ve got long, and improved memories.  We dig back into the archives and dig up stuff that you’ve tried to forget.  (And, at your age, you may really have forgotten.)  We “pierce the corporate veil”, and establish that you and the Bush Administration come from the same place, have the same agenda.

WE remember that we were much better off, 8 years ago, than we are now.  WE hear your plea for “Four more years.”   WE dismiss that derisively with, “Four more years of this????? Are you kidding US????” 

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