The last time the government had to bailout banks was in 1985 during the
Savings and Loan Crisis which was estimated to cost the government between $200 and $500 billion. Who paid that bill? Once again, the taxpayers.
Interestingly enough, John McCain was also in the center of the last bailout as the last remaining Senator from the infamous
Keating 5.
Charles H. Keating, Jr., was the chairman of Lincoln Savings and Loan Association which received favorable treatment from regulators after John McCain and four other Senators personally lobbied on behalf of Keating.
McCain and Keating's ties went beyond the casual congressional encounter. Keating was deeply involved in business relationships with Cindy McCain. In addition, Keating was considered a very close and personal friend of McCain's.
It's not surprising to know that McCain's top aides can once again be found in the center of this financial crisis. Once again, McCain's leadership is nowhere to be found, running like a chicken without a head rather than showing strong leadership. From "the fundamentals of our economy are strong" to "I continue to be proud of deregulation", John McCain remains more of the same.