Monday, October 6, 2008

KEATING ECONOMICS

FROM THE OBAMA CAMPAIGN

As the nation rocks from the 700 Billion plus "bailout" or "recovery" attempts in the past weeks, it may be time to take a quick look back to one of the seminal financial scandals of our times -- the collapse of Lincoln Savings. John McCain then and now an aggressive proponent; and beneficiary of deregulation, played a central role. Recently the McCain campaign has been railing against looking backwards, perhaps this is why.

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Once again thanks to our media editor RKH for this.

2 comments:

  1. The evidence, from the admittedly “Liberal” New York Times, as well as the very “Liberal” PBS Online News Hour PROVES that this pathetic and unfounded attempt to smear McCain with the crimes of Keating is unmitigated BUNK!

    1) Although McCain had dealings with Keating (who was a constituent in McCain’s district), McCain was NOT connected in ANY WAY to the CRIMES committed by Keating (and even The New York Times ADMITTED IT).

    2) McCain did NOT support, IN ANY WAY, Keating’s request for regulators to ignore his violations (much less eliminate the regulations).

    3) In FACT, even the New York Times admits that the Keating scandal ONLY involved Democrats (which is precisely why the Dems were so DESPERATE to lynch the ONLY Republican they could even REMOTELY connect to Keating)!

    Quoting the New York Times:

    “The special counsel to the Senate Ethics Committee has recommended that the panel clear two of the five Senators under investigation for their links to the savings and loan debacle, Congressional officials said today.

    In a confidential report submitted to the committee on Sept. 10, the special counsel, Robert S. Bennett, concluded that there was not adequate evidence to merit a full-scale investigation of John Glenn, an Ohio Democrat, and John McCain, an Arizona Republican, several officials said.”

    “If Mr. McCain is dropped from the investigation, the political implications could be significant: He is the only Republican under scrutiny, and Republicans could portray the scandal as a Democratic one.”


    4) Quoting the very “Liberal” PBS Online News Hour:

    “The Senate Ethics Committee concluded that Glenn and McCain's involvement in the scheme was minimal and dropped the charges against them. In August 1991, the committee ruled that the other three [DEMOCRATIC] senators had acted improperly in interfering with the Federal Home Loan Banking Board's investigation.”

    Click here for the UNDENIABLE FACTS on what REALLY caused the current housing mess (AND the Keating related S&L mess).

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  2. When I saw your post I was intrigued by your opening salvo about the admittedly liberal New York time. Some how I guess you believe that this is either new or damning information. It is also startling to me that like a softening up operation you call PBS very liberal PBS. I have had a long standing relationship with feel day in and day out PBS brings air and balanced journalism. This in contrast to the hit man journalism on the right entrenched cable channels, where truth is measured in decibels not in reasoned facts. In your case when you settled into your argument - never bury your lead - you did bring some historical facts to the table albeit wrapped in unconnected bits of “information” which barely like a house of cards stands. .

    That John McCain was implicated in this scandal and that he had on going beneficial relationship with Mr. Keating are also undeniable. After agreeing to payback $112,000 to Keating he was acquitted. That he was acquitted for whatever reason the Senator is on record as having apologized to the American people for his actions in this case. He knew and he knows that his actions were wrong. Not guilt by association by actively seeking improper renumeration.

    From Bloomberg.com

    “The so-called Keating Five scandal involved McCain, who was in his first term in the Senate representing Arizona, and four Democratic senators, none of whom are still in office. They faced accusations of improperly intervening with federal regulators on behalf of Keating, an Arizona businessman and campaign contributor who was chairman of California-based Lincoln Savings and Loan Association.

    “The Senate Ethics Committee in 1991 ultimately cleared McCain of wrongdoing, though it said he had ``exercised poor judgment.'' Keating served 4 1/2 years in prison on charges connected with the collapse of Lincoln.

    “McCain devoted a chapter to the scandal in his book ``Worth The Fighting For.'' He wrote that his decision to meet with regulators on Keating's behalf was ``the worst mistake of my life'' and that he had learned from the experience.
    ...and then there is this from “

    Mr. Obama and the “liberal media are not making this up the Senator tells us he “made the worst mistake of his life.” A tremendous mistake in judgment, one he almost got away with. It is not clear what he brought away from this experience as he continues to surround himself with a campaign juggernaut of lobbyist and the Washington elite.

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