America has landed in an economic crisis and John McCain's approach is precisely the same as what he did during the Savings & Loan scandal that nearly ended his political career.
William Black, former deputy director of the Federal Savings and Loan Insurance Corporation, told Huffington Post's Seth Colter Walls that McCain is making the same mistakes he made with Charles Keating and Lincoln Savings & Loan:
"In the S&L crisis, he took his advice from the worst [kind of] criminal. Charles Keating is the person he went to for his policy advice," Black said. "Now, he certainly is getting advice from Phil Gramm, Carly Fiorina, Rick Davis -- the whole group of economic and top political advisers are lobbyist types. He just doesn't seem to get it, ever, that the advice is going to favor their clients. Even if they just stop being lobbyists, you can't just turn that off instantly. It's their mind state that develops. ... The biggest lesson is that, when you deregulate and de-supervise, you create an environment where control fraud emerges. You hyper-inflate bubbles; you get criminalization."
http://www.huffingtonpost.com/2008/10/01/mccain-repeating-keating_n_130612.html
William Black, former deputy director of the Federal Savings and Loan Insurance Corporation, told Huffington Post's Seth Colter Walls that McCain is making the same mistakes he made with Charles Keating and Lincoln Savings & Loan:
"In the S&L crisis, he took his advice from the worst [kind of] criminal. Charles Keating is the person he went to for his policy advice," Black said. "Now, he certainly is getting advice from Phil Gramm, Carly Fiorina, Rick Davis -- the whole group of economic and top political advisers are lobbyist types. He just doesn't seem to get it, ever, that the advice is going to favor their clients. Even if they just stop being lobbyists, you can't just turn that off instantly. It's their mind state that develops. ... The biggest lesson is that, when you deregulate and de-supervise, you create an environment where control fraud emerges. You hyper-inflate bubbles; you get criminalization."
http://www.huffingtonpost.com/2008/10/01/mccain-repeating-keating_n_130612.html
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