POLITICAL observations & opinions

* Wall Street Journal continues to bash John McCain’s history of promoting de-regulation, beginning with McCain’s disgraceful support for Charles Keating (Lincoln Savings and Loan)

Posted by Lew Weinstein on September 24, 2008

Thomas Frank writes in the Wall Street Journal (thanks to the link on Real Clear Politics)

  • John McCain can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus.
  • The philosophy of government that has dominated Washington for almost three decades is now in ruins.
  • Why did government stand back and permit all the misconduct that generated all this bad debt?
  • It will be helpful for the public, if painful for the senator himself, to hear about Mr. McCain’s own close brush with one of the towering figures of financial deregulation, Charles Keating, the master of Lincoln Savings and Loan.
    • Keating had a special, urgent interest in getting Big Brother off our backs: in 1986 some meddlesome agency suspected him of massive violations of S&L regulations.
    • Keating fought back by recruiting a handful of legislators, including Mr. McCain, to pressure S&L regulators to leave his S&L alone.
    • A few years later, Lincoln became one of the largest financial failures in U.S. history.

 

LMW COMMENT:

Conservative columnists (George Will) and conservative newspapers (Wall Street Journal) clearly understand that John Mccain bears a heavy responsibility for the current financial meltdown.

That will make it harder for Mccain to bluster and lie about flip-flop positions he has begun espousing in the last five minutes.

It is clear to me that John McCain has no real agenda except his own election.

The contrast with Barack Obama’s reasoned position on all the issues critical to our future could not be more stark, and more people, as measured by the polls, are coming to understand this every day.

 

To read the entire WSJ article, click … http://online.wsj.com/article/SB122221440058969313.html

                    

 

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