Keating Economics & John McCain

Find out just how involved McCain was in the Keating Five scandal in this video. It's pretty simple, he would help push for deregulation and immunity from prosecution for the crook behind the entire ordeal.

McCain's push for deregulation is what helped cause the Keating scandal, and further paved the way for the mess we see on Wall Street today in the form of $700 Billion Bailout.

From the Chicago Tribune:

"During the savings and loan crisis of the late '80s and early '90s, McCain's political favors and aggressive support for deregulation put him at the center of the fall of Lincoln Savings and Loan," Plouffe writes to supporters. "More than 23,000 investors lost their savings. Overall, the savings and loan crisis required the federal government to bail out the savings of hundreds of thousands of families and ultimately cost American taxpayers $124 billion."

"In that crisis, John McCain and his political patron, Charles Keating, played central roles that ultimately landed Keating in jail for fraud and McCain in front of the Senate Ethics Committee," Plouffe writes. "The McCain campaign has tried to avoid talking about the scandal, but with so many parallels to the current crisis, McCain's Keating history is relevant and voters deserve to know the facts."

McCain should have known the Keating Five scandal would resurface, and as an American citizen, it is startling how similar these events are. Notice McCain's answer, "more deregulation!

That very deregulation is why we are in the mess we are now. Thanks to John McCain.