McCain: the S&L Crisis, Current Crisis, and Beyond

Discussion in 'Politics, Religion, Social Issues' started by jplan2008, Sep 20, 2008.

  1. jplan2008 macrumors regular

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    Feb 15, 2008
    #1
    Some videos/interviews about McCain and financial crises:

    1. Past: He was part of the Keating 5: if you're too young, this was a group of senators involved in the S&L Crisis (i.e., practice run to current crisis) -- Keating asked senators to get regulators to back off. The senators accepted. Keating went to jail, McCain got a censure on Senate floor.

    Video is preview to a documentary coming out September 25, titled Third Term.

    http://bravenewfilms.org/blog/53950-current-economic-meltdown-just-like-mccain-s-keating-5-scandal

    2. Present: Maddows show re. McCain and regulation.

    http://www.youtube.com/watch?v=OfKPB-AbNts&eurl=http://gobnf.org/bnf/player.html

    3. Present and possible future: Interview with economist Paul Krugman, Princeton University re. McCai, and Phil Gramm, McCain's advisor who Krugman thinks will be McCain's Treasury Secretary

    "If you're going to ask who ... in official capacity ... responsible for getting us into this mess ... #1. Greenspan, #2. Phil Gram... Bernanke and I think Hank Paulson understand that we could manage to have another Great Depression if we work hard enough. Phil Gramm might be just the guy to do it."

    http://www.youtube.com/watch?v=ZkJDux898uE&eurl=http://gobnf.org/bnf/player.html
     
  2. Desertrat macrumors newbie

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    Terlingua, Texas
    #2
    No argument that Gramm's bill, via hindsight, turned out badly. It was contributory to the present mess. However, it was but one facet of many.

    But when was it passed? Who signed off on it as President? What party had the majority in the Senate at the time?

    My gripe with McCain, still, is his contempt for the First Amendment. I'm in accord with the ACLU vis-a-vis the negative impact of the McCain/Feingold "Campaign Finance Reform" law.

    'Rat
     
  3. Cleverboy macrumors 65816

    Cleverboy

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    #3
    http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

    Good questions.

    ~ CB
     
  4. rdowns macrumors Penryn

    rdowns

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    #4
    What I find ironic is that while the Gramm-Leach-Bliley Act is certainly one of the root causes of the current problems, it helped provide the way out of the current crisis with Chase allowed to buy Bear Stearns and BoA to buy Merrill.
     
  5. Cleverboy macrumors 65816

    Cleverboy

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    #5
    The GOP is working overtime to connect Obama to the financial crisis. Weirdly, they're pointing to the Gramm-Leach-Bliley Act as well, and working hard to pitch that it is, in fact, Obama that is being flanked by de-regulators. One particularly key proponent in general:
    http://www.marketwatch.com/news/story/republican-national-committee-question...
    At the end of the day, it really sounds to me, like the same brand of attack that's been ongoing, and hideously misguided. It seems to say, "Don't attack the candidate for what THEY'RE saying, and back it up with background information on their advisors... instead, give background information on their advisors, and DISREGARD what the candidate is actually saying (whether past or present)." For me, its fair game to disregard a candidate's words, when those words run counter to their most trumpted beliefs and convictions, and bely an opportunistic panic regarding the weak fundamentals of their candidacy. Disregarding where a candidate has always stood, and trying to engender mistrust by painting their advisors as two dimensional stand-ins, even when said advisors aren't even speaking on behalf of the campaign... just seems so WEAK.

    ~ CB
     
  6. jplan2008 thread starter macrumors regular

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    Feb 15, 2008
    #6
    Although you can say Gramm's bill contributed to the problem "with hindsight," you can't say "only with hindsight," since it was predicted by many. It was without a doubt a major contributor, not just "one of many." The reason I included all three clips is because the issue isn't just that McCain has Gramm, who sponsored the bill, advising him.

    McCain used his influence as Senator to get the regulators to go easy on Keating. His part in the last crisis in the financial markets was one of a CORRUPT politician. This is the "Maverick" who is going to clean up Washington?

    The lobbyists from the financial industry on McCain's payroll seems even more telling given that history.

    Before and after the S&L scandal, and before and after the 1999 bill was passed, McCain has always talked about deregulation, and now, as of last week, he's suddenly talking about regulation?

    Gramm didn't only sponsor the bill in 1999. The quote about "a nation of whiners" isn't only telling because it's insulting. As of JULY, 2008, the guy thought there was no problem with the economy. So not only is his philosophy one that most economists now agree helped cause the financial problems, but he can't even recognize major problems. So even if you agree with his type of solutions, they definitely won't work if he's worse than the everyday person at reading economic indicators. And it's not just Krugman who thinks this guy would be Secretary of the Treasury.

    I posted in another thread some info about our current Treasury Secretary. http://topics.nytimes.com/top/reference/timestopics/people/p/henry_m_jr_paulson/index.html He said last year something like the "fundamentals of the global economy are strong," and he has said that the way to solve problems is by deregulation and lower taxes. McCain and Gramm would be no different, just worse, since Gramm was STILL espousing that in July, 2008, and September 15 2008, McCain was still talking about "the fundamentals are strong." (in the morning, anyway)

    And both Paulson and Gramm, and McCain continue with the bull-*oney about the major problem facing our economy being social security. That is a total lie. It is not in crisis, and is certainly not the major problem we're facing. http://www.huffingtonpost.com/2008/09/20/mccain-claimed-privatizat_n_127984.html

    So their records, history and present policies are full of corruption, bad policy, stupidity, and lies.

    Oh, and re. the Majority in the Senate in 1998? http://en.wikipedia.org/wiki/Republican_Revolution
     
  7. solvs macrumors 603

    solvs

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    #7
    McCain Embraces Regulation After Many Years of Opposition
    Despite Claims Today He Warned of this Crisis, McCain in 2007 Said He Didn't See This Crisis Coming
    McCain Attacks Wall Street Greed—While 83 Wall Street Lobbyists Work for His Campaign
    OBAMA HITS MCCAIN FOR BEING A DEREGULATOR

    Best Senate Statement on McCain And Economy This Week
     
  8. mactastic macrumors 68040

    mactastic

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    #8
    And who is advising John McCain on financial matters?

    I know you believe McCain is the lesser of two evils in this election, but why should you buy the economic line coming from a guy who's got one big strike against him from his judgement in the last big banking crisis, and another from the person advising him in this crisis? How does that provide evidence that McCain's economic plan will be better than Obama's?

    Remember, this is a guy who said the fundamentals of our economy are strong the same day the tanking began. I fail to see where your great confidence in McCain's economic theories is coming from.
     

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