Keating Economics: John McCain and a Financial Crisis (illegal, Democrats, Clinton)

[pghquest]

Originally Posted by domergurl

The unregulated credit default swap market was the underlying cause. The swaps were actually insurance, but they couldn't call it insurance becaus the insurance industry is heavily regulated ... swaps are unregulated.

60 minutes did an excellent explanation of the entire debacle last night.

Obviously you've had no experience in dealing with the "regulation" of banks, it takes 2+ years to go through all of the regulation red tape to start a very small neighborhood community bank.

The market is far from "unregulated".. its over regulated.. and its nearly impossible to enter the business to compete with the "big boys" in todays market..

[Tennis702]

Over 30,000 Youtube view in 2 hours!

http://farm4.static.flickr.com/3173/2918409709_d62d859cdb_m.jpg (broken link)

[InformedConsent]

Releasing a video on McCain and Keating will make Obama look weak and ineffective, and it will come out that the Dems were up to their usual dirty tricks, so let the truth come out!!!

"Robert Bennett, Senate Ethics Committee lawyer who investigated McCain in the Keating 5 hearings says:
"First, I should tell your listeners I'm a registered Democrat, so I'm not on (McCain's) side of a lot of issues. But I investigated John McCain for a year and a half, at least, when I was special counsel to the Senate Ethics Committee in the Keating Five. ... And if there is one thing I am absolutely confident of, it is John McCain is an honest man. I recommended to the Senate Ethics Committee that he be cut out of the case, that there was no evidence against him."

and...


"At the completion of my investigation, I filed my report with the committee. I recommended that no further action be taken against Senators McCain and Glenn principally because once they learned that there was a criminal referral, they stopped aggressively doing Keating's bidding with the regulators."

"After reviewing my report, the committee voted on October 23, 1990, to hold a public adjudicatory fact-finding hearing in the matter as to all five senators. This was perhaps the first time the recommendation of a special counsel not to charge a senator was rejected. This was pure politics as the Democrats on the committee did not want to cut McCain loose so that only Democrats would remain in the proceedings. If Senator McCain was not going to be cut loose, in retaliation the Republicans were going to keep Senator Glenn in the proceedings. McCain was the victim of politics, and poor Glenn was held captive to the decision on McCain. So much for nonpartisanship."

"Although the public airing of the factual details helped confirm why Senators McCain and Glenn should be exonerated of ethics charges, it hurt DeConcini, Cranston, and Riegle (all Democrats)."

Democratic Counsel Robert Bennett on John McCain and Keating Five: 'Pure Politics' - Standard Newswire

[18Montclair]

Wow...talk about Karma.

Obama Camp's 'Keating Five' Slam Against McCain Gaining Traction Online | Threat Level from Wired.com

[Tennis702]

Originally Posted by InformedConsent

Releasing a video on McCain and Keating will make Obama look weak and ineffective, and it will come out that the Dems were up to their usual dirty tricks, so let the truth come out!!!

"Robert Bennett, ...

The fact that defense attorney Bob Bennett is a Democrat is irrelevant. Lawyers are hired guns who are expected to represent (or misrepresent if requested) their clients. Bennett trying to explain away dishonorable actions by McCain is just part of the job. Bob Bennett has a habit of defending unsavory Republicans such as Paul Wolfowitz and corrupt (now bankrupt) firms Enron and HealthSouth. Bob Bennett is brother to the far-right neoCon politician, faux-moralist with a gambling habit Bill Bennett.

World Bank President Paul Wolfowitz has hired mega-lawyer and Bill Clinton's legal counsel Bob Bennett to defend him against allegations of misconduct at the World Bank.

Originally Posted by Washingtonian.com

Bennett has not met a client he didn’t like, even finding kind words for Marge Schott,
the gruff, anti-Semitic former owner of the Cincinnati Reds.

[InformedConsent]

Originally Posted by Tennis702

The fact that Bob Bennett is a Democrat is irrelevant. Lawyers are hired guns who are expected to represent (or misrepresent if requested) their clients. Bennett trying to explain away dishonorable actions by McCain is no different.

Read it again...

"Robert Bennett, Senate Ethics Committee lawyer who investigated McCain..."

and

"Although the public airing of the factual details helped confirm why Senators McCain and Glenn should be exonerated of ethics charges, it hurt DeConcini, Cranston, and Riegle (all Democrats)."

Turns out Bennett was right!

[pghquest]

I have finally finished watching the video, (had to reload it 3-4 times to make it through. Obama is criticizing McCain for a lack of knowing Keatings character? Wooo, didnt Obama have an excuse for not knowing Rev. Wrights character? The video does a good job at outlining the S&L crisis, it does a very poor job at linking this to McCain, other then to point out that Keating was a contributor to McCains campaign. Wait, didnt Obama just excuse a donation to his own campaign by a terrorists?

So its ok for Obama to point fingers to McCain for doing the exact same thing he did, oh wait, The Keating fraud cost the taxpayers 3.2 Billion, the current Mae/Mac Democratic crisis, $700Billion. Long as Obama fails to point out the facts, and puts out videos filled with, well it seems, its possible, maybe... the left will eat this up because they dont care about facts when it comes down to people on the right. This would be a legit story to point out the problems, if the problems on the left were not 250 times worse..

[Noc]

Originally Posted by pghquest

I have finally finished watching the video, (had to reload it 3-4 times to make it through. Obama is criticizing McCain for a lack of knowing Keatings character? Wooo, didnt Obama have an excuse for not knowing Rev. Wrights character? The video does a good job at outlining the S&L crisis, it does a very poor job at linking this to McCain, other then to point out that Keating was a contributor to McCains campaign. Wait, didnt Obama just excuse a donation to his own campaign by a terrorists?

So its ok for Obama to point fingers to McCain for doing the exact same thing he did, oh wait, The Keating fraud cost the taxpayers 3.2 Billion, the current Mae/Mac Democratic crisis, $700Billion. Long as Obama fails to point out the facts, and puts out videos filled with, well it seems, its possible, maybe... the left will eat this up because they dont care about facts when it comes down to people on the right.

Point is McCain and his poor judgment cost tax payer $3.2 billion. Obama's poor judgment cost people nothing. If Obama was caught with his hand in the cookie jar you'd be the first on here saying I gotcha.

Democratic crisis?!?! I think you mean the deregulation of the financial market crisis. Again this is something the John McCain subscribes to.

[pghquest]

Originally Posted by Noc

Point is McCain and his poor judgment cost tax payer $3.2 billion. Obama's poor judgment cost people nothing. If Obama was caught with his hand in the cookie jar you'd be the first on here saying I gotcha.

Democratic crisis?!?! I think you mean the deregulation of the financial market crisis. Again this is something the John McCain subscribes to.

Incorrect, Keating and his poor judgment cost the taxpayers $3.2 Billion, unless McCain is now being accused of theft and owning a bank.

And again, the current crisis is not because of deregulation.. Please attempt to become educated on the issues if your going to debate them. The current crisis is due to the GOVERNMENT artificially inflating the real estate market, by reducing the qualifications for mortgages, increasing the demand for properties, which artificially inflated the values. In addition its due to the GOVERNMENT, at the same time, continuing to float capital expenditures (i.e. debt) without any means to pay for it, which reduces the value of the dollar. Finally, when the market could no longer substain higher then market values for property simply based upon buyer qualification, the GOVERNMENT created all kinds of special loan programs, like ARM mortgages to then entice individuals who could not afford the properties they were buying. When that no longer worked, and the GOVERNMENT could no longer sell mortgage notes on the open market because of the depreciating dollar, the GOVERNMENT, created special exemptions for Mae/Mac, and to then allow them to borrow and exempted itself from the very same over regulation rules that standard banks had to follow. When this mean that banks could no longer compete, the GOVERNMENT then started buying out these mortgages from the banks, encouraging them to flip the mortgages, which relaxed the lending criterias even more.

There is a HUGE difference between deregulation, which is what happened in the 80s, and creating special exemptions for the government sponsored enterprises to operate while over regulating those that Mae/Mac competed against.

Finally, the Keating scandal had nothing at all to do with de-regulation, it had to do with the owner of the bank ignoring regulations that were in place, (specifically one that allowed the bank to loan to itself to make real estate developments).. NOTHING at all to do with todays crisis..

[domergurl]

Originally Posted by pghquest

Obviously you've had no experience in dealing with the "regulation" of banks, it takes 2+ years to go through all of the regulation red tape to start a very small neighborhood community bank.

The market is far from "unregulated".. its over regulated.. and its nearly impossible to enter the business to compete with the "big boys" in todays market..

You didn't watch 60 minutes did you ... the swaps market is NOT regulated. It was called swaps because it wouldn't be regulated.

http://www.cbsnews.com/stories/2008/...n4502454.shtml