News Intelligence Analysis
Keating Economics: John McCain and the Making of a Financial Crisis
See this important short documentary here
Here are documents on the Keating matter:
1. The ABC's of John McCain and the Keating Savings & Loan Scandal
2. John McCain's Letter on behalf of Keating to James Baker
3. John McCain's first letter on behalf of Keating to Edwin Grey, Banking Regulator
4. John McCain's third letter to Edwin Grey on behalf of Keating
5. John McCain's letter to Sec. of Treasury Ronald Regan on behalf of Keating
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.
Send a letter
to the editor
about this article
Strategies, Communication and Propanda Techniques
Sarah Palin Used Tax Dollars to Fund
Over the past few days, I've done reporting on Sarah Palin's
extensive dominionist connections--Including the attempt to
run her as a "stealth" dominionist candidate and her connections
to some scary dominionist groups including not just "Joel's Army"
folks but a far-right Christian Reconstructionist political party linked
to domestic terrorism.
Also the link will lead to a Yurica Report editor's note that in turn
links to a startling video, titled "Palin's Churches, Thomas Muthee,
Witchcraft and the Third Wave," by Bruce Wilson that includes
portions of Sarah Palin's talk to the Master's Commission at Wasilla
Assembly of God. Also the link will allow you to see another startling
video by Bruce Wilson titled, "Palin and the Holy Laughter Annointing."
For the complete text of Sarah Palin's amazing talk to the Master's
Commission in Wasilla click here:
Sarah Palin's Church Speech
Text Transcript of Sarah Palins Speech of June 8, 2008
at "Masters Commission" of Wasilla, Alaska
Text transcript of remarks made by Alaska Governor
Sarah Palin speaking at the Masters Commission
At the Assembly of God Church in Wasilla, Alaska on
June 8, 2008.
The Sarah Palin Strategy:
Upon learning the news, Matthew Staver, Chairman
of Liberty Alliance Action, Chairman of Liberty Counsel
and Dean of Liberty University School of Law said of
the choice, "Absolutely brilliant. . . ."The excitement
was palpable among conservative leaders when they
heard that Gov. Palin was Sen. McCain's choice for
Vice President. There is a high level of optimism among
conservative leaders that the McCain-Palin combination
is a ticket that will connect with values voters."
See these directories also:
Directory on the Rise of Christian Dominionism Directory on Religious Trends
This article is copyrighted material, the use of which has not been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
Back to The Yurica Report Home Page
Copyright © 2008 Yurica Report. All rights reserved.