McCain Causes Crises Never Solves Them
The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.
John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal. Today, John McCain is the only major party presidential nominee in US history to have been rebuked, censured or otherwise admonished after a Congressional ethics investigation.
At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.
When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.
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.
McCain is subpar in his own words.
He was 894 out of a class of 899. Bottom 1%. Essentially C minus average and squeaking by at that. They didn't flush him out because it would have been too embarrassing for his grandfather to have his grandson be a total washout. Same grandfather thought that McCain was a total tool. There's a reason he never made it to a real command position. His duty as a soldier in enemy hands was:
- Die rather than give out information. He was an mid-ranked officer and not some fresh grunt.
- He saved himself by giving the enemy real information - the sources said it led to several missions failing.
- That meant men actually died as a result.
- This is understandable; But, caving in due to torture doesn't make you as a war hero.
- A soldier is supposed to take any opportunity to get out, you are required to do so. Inside information would assist our side.
That and his pre-"Tailhook Scandal" mindset established him as "creepy" to the new women officers. His flaws prevented him from being a Flag Officer. These screw-ups and his general attitude about life alone would be reason enough that you'd never want him to be an admiral or similar. Evidently he got into politics when it was clear even to him that he had no real career left in the military; and it wouldn't advance any further.
“There is less than a month left in the race, and it's not looking good for John McCain — legendary scumbag Karl Rove says that if the race were held now, Obama would win it. McCain has clearly decided that he might as well piss away any remaining vestiges of the dignity and honor he accumulated during years of service to this county. In a desperate attempt to eke out a victory, he's sent Sarah Palin out with a racially-tinged attack accusing Barack Obama of palling around with terrorists and being generally un-American. ...”
JOHN MCCAIN A TERRIBLE PILOT, HORNDOG, AND EVIL ROVE-IAN CAMPAIGNER
Two stories today look at Republican presidential candidate John McCain's history, particularly in the Navy. In the Los Angeles Times, the paper notes that, due to the three pre-Vietnam air accidents by the son and grandson of admirals, McCain was nicknamed "Ace McCain" by his superiors. In Rolling Stone, they go a bit further, showing McCain as a "undisciplined, spoiled brat" who spent a summer in Rio in the '70s because, despite his wife and three kids, he said he had a better chance of "getting laid." (Also he had better nicknames in school: "Punk" and "McNasty.") And then there's the whole P.O.W. thing— did it change him? Um, sort of! "The reckless, womanizing hotshot who leaned on family connections for advancement before his capture in Vietnam emerged a reckless, womanizing celebrity who continued to pull strings."
McCain has also allowed the media to believe that his torture lasted for the entire time he was in Hanoi. At the Republican convention, Fred Thompson said of McCain's torture, "For five and a half years this went on." In fact, McCain's torture ended after two years, when the death of Ho Chi Minh in September 1969 caused the Vietnamese to change the way they treated POWs. "They decided it would be better to treat us better and keep us alive so they could trade us in for real estate," Butler recalls.The whole thing is pretty wild—and most disturbing is the way in which McCain is emulating the campaign that destroyed him back in 2000, right down to hiring Karl Rove's staff.
By that point, McCain had become the most valuable prisoner of all: His father was now directing the war effort as commander in chief of all U.S. forces in the Pacific. McCain spent the next three and a half years in Hanoi biding his time, trying to put on weight and regain his strength, as the bombing ordered by his father escalated. By the time he and other POWs were freed in March 1973 as a result of the Paris Peace Accords, McCain was able to leave the prison camp in Hanoi on his own feet.
But perhaps the most revealing of McCain's flip-flops was his promise, made at the beginning of the year, that he would "raise the level of political dialogue in America." McCain pledged he would "treat my opponents with respect and demand that they treat me with respect." Instead, with Rove protégé Steve Schmidt at the helm, McCain has turned the campaign into a torrent of debasing negativity, misrepresenting Barack Obama's positions on everything from sex education for kindergarteners to middle-class taxes. In September, in one of his most blatant embraces of Rove-like tactics, McCain hired Tucker Eskew—one of Rove's campaign operatives who smeared the senator and his family during the 2000 campaign in South Carolina.Hilariously, Rove is still out to get him.
"It's easy for me to go to Washington and, frankly, be somewhat divorced from the day-to-day challenges people have" says McCain
We'll investigate these later: