It Just Keeps Getting Better!

The immortal words of the great Republican icon, Ronald Reagan: “Well, there you go again!”

I had almost forgotten about the Savings and Loan Scandal of the late 80’s and early 90’s and the “Keating Five.” One of those five was John McCain seated in front of the Senate Ethics Committee for his part in this scandal. I know, I know… he was exonerated, but was he really. He received a slap on the wrist…something about his poor judgment and then he went on to be the “maverick” senator he portrays himself to be. That poor judgment and the belief in financial deregulation, coupled with greed and arrogance cost the American taxpayer over $100 billion to bail out the mess it created.

The lessons were never learned. Hardly ten years later, during the Clinton administration, there was the idea that we need to loosen lending regulations so that low and middle-income folks could buy a house. It was an American dream that turned sour, then rotten to the core. This time both Republicans and Democrats in congress decided to get into it with both feet and do for the banking and investment companies what Keating did for the savings and loan industry. Let Wall Street regulate itself! Once again, the American taxpayer is stuck with the bill for the mess created…a whopping $700 billion this time ...and counting.

And guess who is running for President as America heads into financial ruin? It is John McCain. After all these years promoting deregulation, now he is calling for regulation of those Wall Street scoundrels, as if he had invented the word. I don’t know, should we trust him? It is funny how history just keeps repeating itself with the same ol’ bad actors.

I am voting for a new play and a new cast.

FOOD for THOUGHT...