This post over at DailyKos explains, in the most thorough detail I’ve yet to see, exactly why the financial meltdown is happening and how John McCain and his advisors (lobbyists) are intricately connected to the philosophy behind it all. It’s a long read but worth every word.
In 1982, the same year John McCain entered the Senate, a bill was put forward that would substantially deregulate the Savings and Loan industry. The Garn-St. Germain Depository Institutions Act was an initiative of the Reagan administration, and was largely authored by lobbyists for the S&L industry — including John McCain’s warm-up speaker at the convention, Fred Thompson. The official description of the bill was “An act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.” Considering where things stand in 2008, that may sound dubious. It should.
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