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McCain's Keating Economics
 
 
The story of the Keating Five. (The Keating Economics Page)
 
 
Media Missed the Point.
McCain admitted guilt and returned some money—that makes up for petty corruption. But the point is policy not corruption. The 1989 S&L crisis warned of the danger of banking deregulation. McCain missed the warnings and stuck by his de-regulation advisor, Phil Gramm, for 15 years—till July 2008.
    McCain says that in September he finally got it—bankers need to be regulated. What do you think?    Watch for Phil Gramm (It's-a-mental-recession) in video.
 
 
 
McCain did not play a major role in causing either the S&L crisis or today's crisis. But he has been on the wrong side of the debate for at least 15 years—the years he's been taking advice from Phil Gramm.
Sometimes there's too much government regulation and sometimes too little. But banking regulations—FDIC insurance and cash-on-hand requirements—have been a fabulous success. Before banks were regulated in the Great Depression, we had seventy years of bank panics, failures, and the recessions and depressions they caused. But now we have new kinds of banks that are not well regulated—or the regulations are not well enforced.
McCain helped to block regulation of Keating's bank, the largest failure/bailout in the S&L crisis, and Phil Gramm successfully tied the hands of stock-market regulators—the Securities and Exchange Commission.
Basically, there are three sides to this problem: On the far right: Gramm-style de-regulators who want to maximize profits for the big players. On the far left: over-regulators. In the middle: those who turn to professional, non-ideological economists. They love markets, but they don't think they're perfect. In particular, financial markets need regulation. On this issue Gramm and McCain have always been on the far right. That side, has lead us to the present disaster.
 
 
 
 
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http://zfacts.com/p/1077.html | 01/18/12 07:18 GMT
Modified: Sat, 11 Oct 2008 19:27:22 GMT
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