This may have already been diaried, it's already been dugg like crazy so I'll delete it if it's a dupe.
In CNN's attempt to objectively uncover the truth in the '08 Presidential race, they take a look at the Obama campaign's high-noon documentary pointing our McCain's shady dealings with Charles Keating and how it affects our current economic situation.
cnn link here:
digg link here:
The campaign for Democratic presidential nominee Sen. Barack Obama on Monday, Oct. 6, unveiled a Web site noting that Republican opponent Sen. John McCain played a key role in the Senate's "Keating Five" scandal of the 1980s. "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,".
While the Republicans including "independent newsman" Tom Brokaw may try to brush this off as old news, the argument is that it's McCain's long held and corrupted stance on deregulation...
McCain became one of the so-called "Keating Five" — five U.S. senators investigated over accusations they tried to interfere in a federal investigation of Keating's role in the savings-and-loan's collapse.
McCain also wrote several letters to government regulators and other officials regarding the issue. One, dated Jan. 30, 1985, to White House chief of staff James Baker, called the proposed regulations "unwise," saying the effort "flys (sic) in the face of our recent efforts to remove the hand of government from the affairs of private enterprise."
that got the US' economy in the mess it's in now.
Oh yeah:
The Verdict: True. McCain did push to delay regulations that would have cracked down on savings-and-loans practices and intervened on Keating's behalf, although he was cleared of wrongdoing in the "Keating Five" case.
I think the more eyes we can get on this story, the better.