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Saturday, October 4, 2008

America Loses Again

Watching John McCain refuse to stand against the bailout bill was just another indication of how poorly he represents the majority of his voting base. How can the leader of the Republican Party, after claiming he has not nor would not support bills filled with "pork," vote for a bill that may be the most atrocious and alarming bill ever to pass through Congress? The fact that Barack Obama signed this travesty is no surprise. Yet, McCain, given the opportunity to possibly win the election by fighting against the "bailout," has alienated himself from his supporters once again.

Looking back, it really is no surprise. This "maverick" has not exactly been a stalwart defender of conservative values throughout his career. His bipartisan approach is definitely not what is needed in the Republican party. In 2002, he helped introduce the McCain-Feingold bill, probably the single most destructive legislation to freedom of speech ever passed through Congress.

Now every conservative is calling for Obama's head because of his criminal ties to Fannie and Freddie, but they forget that McCain was one of the first senators to flirt with criminal dealings with corporate institutions. In fact, in the 80's he joined four Democrats in taking "contributions" from Charles Keating, head of a Savings and Loan Association that was investing their depositors' federally insured savings in risky ventures. When those lost money, Keating tried to hide the losses from regulators by inducing his customers to switch from insured accounts to uninsured (and worthless) bonds issued by Lincoln's near-bankrupt parent company. These five senators, known as the Keating Five were involved in one of the most scandalous events in Congressional history. Until now.

The Savings and Loan crisis of the 80's resulted in the government "bailing out" hundreds of S&L's who were involved in similar criminal activity. Much like this current bailout, the burden fell to the taxpayers of this country.

Is it really any surprise then, that both Obama and McCain voted for this current "bailout" bill? Barack has profited tremendously from his association with Freddie and Fannie execs Franklin Raines and James Johnson, taking "contributions" much like McCain did in the 80's. These same two men, Raines and Johnson, have also been highly active in the decision making of Obama's campaign.

McCain, on the other hand, has announced, if elected, he would appoint N.Y. Attorney General Andrew Cuomo (son of former New York governor Mario Cuomo) as the head of the SEC. When A. Cuomo became Department of Housing and Urban Development(HUD) Secretary in 1997, he axed a federal loan sale program that had saved the US $2.2 billion between 1994 and 1997 and reinstituted a system that lost the government money while earning billions for favored friends.
His time serving in office in N.Y. has been marred by rumors of corruption.
http://www.dunwalke.com/sidebars/andrew_cuomo.htm
http://thekomisarscoop.com/2006/08/30/fees-for-our-friends-the-andrew-cuomo-scandal-the-vendetta/

Sound familiar?

McCain and Obama may wear different hats in the political arena, but when those hats are off, maybe these two men are not quite so different. The sad truth of this election year is that whoever wins, America loses...again.

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