[Editor's Note: What's sad about the post below is that I wrote it and saved it as a draft on Friday morning. I didn't get around to releasing it until today. In the meantime, Frank Rich's piece in the Sunday NYT made largely the same point. Not that raising the S&L crisis is -- or should be -- any great shocker, of course.]
How does McCain truly feel about government regulation of the economy? How does he really feel about "corruption" in the financial system?
We could listen to the endlessly shifting messages he's been offering this week, or we could look at McCain's involvement in one of our countries most significant financial crises -- the Savings and Loan Crisis.
McCain was one of the infamous Keating Five. What was his role as part of that notorious group? Using his weight as an United States Senator to get federal regulators to back off of a real estate investor who had entered into real estate investments with Cindy McCain, had paid for McCain and his family to vacation at his Caribbean resort, and who was engaging in questionable and risky deals that were a significant part of the Savings and Loan Crisis that ultimately costs U.S taxpayers $124.6 billion.
Our memories should not be so short that we allow McCain to elide this dark episode in his political history.
Also, not to pile on, but perhaps someone should check with McCain this week to see if he still supports a plan to privatize Social Security.