Money Beat

I really am not trying to politicize this anymore than necessary...but in the face of this crisis and money reporters not talking about this...

...why are we not talking about this... as we are about to elect the person to deal with this issue...

with the deregulation that contributed to this

this is from wikipedia... and is footnoted at that site
The Keating Five scandal was prompted by the activities of one particular savings and loan: Lincoln Savings and Loan Association of Irvine, California. Lincoln's chairman was Charles Keating, who ultimately served five years in prison for his corrupt mismanagement of Lincoln. In the four years since Keating's American Continental Corporation (ACC) had purchased Lincoln in 1984, Lincoln's assets had increased from $1.1 billion to $5.5 billion. Such savings and loan associations had been deregulated in the early 1980s, allowing them to make highly risky investments with their depositors' money, a change of which Keating took advantage. Lincoln's investments took the form of buying land, taking equity positions in real estate development projects, and buying high-yield junk bonds.

this was the guy John mcCain was vacationing with...like gramm...he was a deregulator lobbyist and now...those same deregulating lobbyists...just wrote his economic plan.

here is the link
http://en.wikipedia.org/wiki/Keating_Five

DL - If you didn't want to politicize it, you wouldn't have posted it. So don't apologize for doing something when you meant to do it. lol :D

"Not trying to politicize this..." Your disclaimer doesn't wash. It is obvious how you feel about the respective candidates even though you've tried to portray your comments as being innocently offered by some unbiased observer. The next thing you'll be saying is that you were a Republican until you became convinced that Obama was a man of such vision that you are changing your affiliation. At least, be honest about your political leanings next time. And, by the way, if you want to make a solid argument abuot something, it probably is not the best thing to quote Wikipedia as your source. Not always the most accurate resource to use.

Interesting how you removed the two comments that called the "dl" on his attempt to sound apolitical when he obviously isn't. A little biased reporting going on here?

OK, let's turn the blame thrower off for just 30 seconds.. it is what it is... reality as we awoke to it this morning.. what do we do NOW??.. next week?.. next month?.. what does a post-crash America look like?.. I'd rather take the lessons from the past and look forward than remain looking backward over my shoulder and tripping over the lesson we should have learned.

I am not sure how the Keating five scandal ties into this story aside from the lack of regulation enabling the corruption. My recollection of the Keating five was that McCain and a four other Senators (from both sides of the aisle) accepted bribes (although not in the proveable legal sense at least in the eyes of the Reagan justice department) in exchange for keeping the regulators off the backs of some pyramid scheming S&L honchos. Obviously, the solution to the current problem is to get rid of regulation and let the market sort the mess out ;). We should not be bailing these clowns out with our tax dollars. Let the companies fail - long term the "successful" Chrysler bailout didn't fix their issues. At least the taxpayers got their money mostly back in that one. I doubt we'll fair as well with Freddie, Fannie, AIG, et al. The leaders of these corporations should be going to prison for fraud - the lack of transparency in their disclosures actively deceived shareholders. The vehemently fought any attempt (via lobbyists) to require additional disclosure (which seems to be prima facie evidence of knowing deception). We want some feel good perp walks!

Thank you dl for drawing focus to this most obvious parallel of today's bank crisis to the S&L bailout of the Reagan era from which McCain's involvement in the Keating Five scandal emerged. Exposing your political intent by sharing such relevant history should be no more apologized than the exposure of the political predilections of those who attacked you for relating such political charged information.

Hmmm... not political? When Clinton left office, there was, literally, money in the bank. Lots of money. In the Black money. Now that Lame Duck Dubya is leaving office, Uncle Sam's wallet is empty... hmmm... the bright side: that this happened before we elect McHoover and his inexperienced runner-up beauty queen.

EBAY:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=290261427780&_trksid=p3907.m32&_trkparms=tab%3DSelling

"Loan Titans Paid McCain Adviser Nearly $2 Million

Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.

But last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.

Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions."

SEE: http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?_r#1&adxnnl#1&oref#slogin&ref#us&adxnnlx#1222103488-5de8RfsUDRInL0G4at2vFw