Tuesday, October 7, 2008

McCain repeats his mistakes

This is required viewing for all students of the US Elections (below). It's an online documentary on John McCain's role in the Keating scandal.

CNN's FactCheck comments:

The Verdict: True. McCain did push to delay regulations that would have cracked down on savings-and-loans practices and intervened on Keating's behalf, although he was cleared of wrongdoing in the "Keating Five" case.

Cost of the scandal to the US taxpayer: $3.4billion

And McCain is repeating the mistakes. From http://www.keatingeconomics.com/:

The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.

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