For the past several weeks I have been struggling to comprehend the silence of the main stream media, and for that matter even the Obama campaign, around the most basic connection of John McCain to the present financial crisis... The Keating Five.
My best guess regarding why nothing was ever raised regarding the collapse, in the late 80s, of Arizona's Lincoln Savings and Loan, was because most of the senators involved in the scandal were Democrats (including three of my personal senatorial heroes... just for the sake of full disclosure). In another one of his "Maverick" ways, John McCain was the only Republican to "cross the aisle" to become involved in accepting large campaign contributions, major perks, and lovely Caribbean vacations from John Keating in exchange for keeping Keating and his pack of lying pirates safe from Federal regulation until they could loot the treasury of $3.2 Billion (mid-80s dollars!).
This, of course, was just the tip of the proverbial iceberg of late 80s Savings and Loan failures, something that took place after the rabid de-regulation Reagan years, and under the presidential watch of the last President Bush. Ultimately, the Savings and Loan bailout cost taxpayers $125 Billion (again that's 80's dollars of course) in a pail shadow of the last two weeks on Wall Street, K Street, and Pennsylvania Avenue.
Despite this complete collapse of the home loan industry of the time, McCain and fellow Republicans chose to push even more de-regulation, fighting over and over for a financial industry process that not only allows for, but absolultely attracts, the same kind of intentionally deceptive thieving behavior that McCain supported in the 80s and which he continues to support despite the complete disaster of the concept as demonstrated y the last three weeks in the world of finance.
Well... FINALLY... McCain's true colors are beginning to see the light of day. Rosa Brooks, in the LA Times recently provided a detailed reminder of the Keating episode and its McCain connection to today. She does a really good job of detailing the real estate loan roots of the present crisis as well, detailing how dicey loans were repackaged and resold by those seeking to avoid liability and maximize personal profit, a tactic that worked pretty well for John Keating.
In addition, over the weekend The Seattle Times provided a revised and republished story, also from the LA Times, that details much of the McCain involvement with Keating, including a shopping mall project that Cindy McCain hooked into with both Keating and her father.
The Obama campaign has finally showed up to the party with a full website and 10 minute video documentary on the scandal, and McCain's roots deep inside it. The video is definitely worth the 10 minutes it takes to watch it (below), and the site itself provides some excellent, in depth background on the subject.
All I can say is that it's about damn time!
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I received an email about the new McCain/Keating site in the same batch that also delivered an article from a right wing friend of mine declaring that the real source of the financial crisis is Barack and The Association of Community Organizations for REform Now (ACORN). Of course we've known for several weeks what the McCain/Palin campaign thinks of community organizers, so it's not really surprising that this weird diversionary tactic should arrive at this time.
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