Monday, October 6, 2008

Suffering Yet Again From Keating Economics

History once again, appears to be repeating itself. Apparently having learned nothing from his participation in the Keating Five, McCain now finds himself embroiled in yet another financial crisis that's resulted from removal of regulations and a reliance by Congress that the financial industry would regulate itself. The first time this happened, all Congress could say was, "Shame on you John McCain." During the Savings & Loan crisis, McCain's involvement cost taxpayers $120 Billion ... this repeat performance (and his close association with Phil Gramm ... one of the makers of the 'Enron loophole') could cost taxpayers far more than the initially projected $700 Billion before it's all said and done. If we, the American public, allow him to become President, all I can say is "Shame on us." McCain didn't learn anything, but we should have and if we haven't, it's clearly our fault.

In the 20+ years that have passed since his participation in the Keating Five scandal, McCain has learned nothing about economics and continues down the same destructive path. With the passing of the 'bail-out' bill (H.R. 1424), he figures his job is done, that it's all over and that it's time to begin "turning the page on the economic crisis" so he can get back to "attacking Obama's character."
"We are looking for a very aggressive last 30 days," said Greg Strimple, one of McCain's top advisers. "We are looking forward to turning a page on this financial crisis and getting back to discussing Mr. Obama's aggressively liberal record and how he will be too risky for Americans."
The financial crisis is far from "over." Secretary Paulson has yet to establish the 'rules' affecting which banks will be helped, which instruments will be purchased, and whether any real homeowners will actually be helped. Monies haven't been doled out, unemployment is still rising and the stock market is still falling.

Mr. McCain, it's not over. If you want to be President, it's time you sat down and explained exactly what it is you intend to do to get us out of this mess. Oh ... and while you're at it, get your ducks all in a row and try not to continually change your mind.

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