MCCAIN AND THE SAVINGS AND LOAN COLLAPSE

John McCain and four Democrates (does this partnership sound familiar) accepted political contributions from risky Savings and Loans investors.  The "Keating Five" as the senators were called discouraged Congressional investigation into signs of trouble.  

The Savings and Loans went bust

My mom and other elderly people lost their entire retirement fund.  

People went to jail.

John McCain got away with a slap on the wrist. 

He has done this sort of thing all his life.

Do we want an "economic loser" as the President when we still have a Candidate that is known for fixing economic messes and teaching people and organizations how to grow their resourses?

In the future, during the McCain or Hillary, or Oboma recession/depression, we will look back, hit our forehead and say."Hey, I could have had a Mitt Romney!"

Do you remember John McCain's Savings and Loan Scandal?

When I was young we had a family crisis.

All of mom's retirement money was in a Savings and Loan and now the money was gone.

Due to the deregulation of the Savings and Loans in the 1980's the institutions were allowed to make highly risky investments. Some regulators recognized the signs of disaster and pushed Congress for more oversight. Congress refused.  Why?

Many people feel that the refusal of Congress to check into this mess was due to the "Keating Five." Ketting, an official in American Continental Corp. ( and Lincoln Savings and Loan) gained the support of a group of five Senators, Democrates Dennis DeConcini, Alan Cranston, John Glenn, Don Riegle and Keating's good friend, Republican John McCain.  McCain received some $300,000 from Keating in the 1980s as political contributions. Ketting and McCain later met twice with regulators who were investigating American Continental Corp., in an attempt to end investigation into the Savings and Loan situation. American Continental Corporation, the parent of Lincoln Savings, went bankrupt in 1989.  This caused more than 21,000 mostly elderly investors to loose their life savings. The loss totaled about $285 million.  In 1990, the Senators involved in the scandal, (including McCain,) were rebuked to various degrees by the Senate Ethics Committee.

When McCain says that Economics is not his strong suit, he is not kidding.  This scandal was an early example of McCain's life-long decision to "reach across the board and work with Democrates."

Romney made 100 million dollar profit after turning around a bankrupt Olympics. McCain helped loose $285 million dollars in elderly investors savings.  Which candidate do you want to lead this country?