Some of you are too young to remember the savings and loan crisis of the 1980’s and early 90’s. It’s interesting to know how some friendships last and how friends watch each others back. John MCCain has been an advocate of deregulation for years and now that we are in a mess he calls for regulation of banks and financial institutes. Is this quick turn around because he thinks he can get out of it again? Not this time!
From the Nation:
“John McCain’s current circle of confidants seem eerily close to those he surrounded himself with during the Saving and Loans crisis of the late ’80s and early ’90s, when years and years of deregulation that McCain helped facilitate on behalf of Charles Keating–the disgraced chairman of the failed Lincoln Savings & Loan Association–led to the failure of hundreds of banks and a $125 billion bail out footed by tax payers. The scandal, known as the Keating Five, involved five senators who took money from Charles Keating and subsequently challenged the regulators investigating Keating’s operations. “
-Erica Landau
This short video says it better then I could. LINK
