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This Should Have Happened Last Year

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September 18, 2008

I’m sorry.  What is happening in the financial markets right now, should have happened at this time, last year.  I put my money where my mouth was, in the belief that a laissez-faire Republican government would have let market conditions run their course.  That strategy caused me to lose money for the past year.  When precious metals should have been going up, they were going down.  Something “stinky” was happening.  At this time, last year, Jon Markman of msn.com was discussing the “duct tape and pixie dust” being used to hold the economy together.  In hindsight, I suspect that there may have been an effort to keep the ca-ca from hitting the fan until after Election Day (November 4).  Time will tell whether there was some skullduggery involved in such an effort.  Do you think that the “oil speculators” realized, at some point, that they could manipulate the prices of the small handful of stocks (30) that comprise the Dow Jones Industrials, by manipulating the price of oil?  Are these same “oil speculators” on “good behavior” right now, out of fear that the “Enron Loophole” could be doomed?

I apologize because I have been making (back) lots of money this week, while many people have seen their retirement plans crash and burn.  I stuck to my belief that the emperor was not really wearing any clothes.  It cost me money to adhere to that opinion, although it is now “payback time”.  To no surprise, the Carly Fiorinas of this nosedive will walk away with their golden parachutes intact.  However, will AIG still be free to make crucial decisions about which lawsuits to litigate?  Do they have a right to make those (and other) decisions as they used to, now that you and I own eighty percent of that company?

Meanwhile, John “Keating Five” McCain claims that he will champion the interests of those suckers who vote for him, by bringing “The Good Old Boys of Wall Street” to Alaskan frontier justice.  Why would anyone believe this?  Based on his record, McCain could not expect the voters to consider him as the advocate of the downtrodden.  For some reason, the Obama campaign has expressed an unwillingness to use the “Keating Five” episode of McCain’s life, as fodder for negative ads.  (They may find themselves thinking more clearly in late October.)

Let’s take a look back at the “glory days” of The Keating Five, from what is available on Wikipedia.org:

The Keating Five scandal was prompted by the activities of one particular savings and loan: Lincoln Savings and Loan Association of Irvine, California. Lincoln’s chairman was Charles Keating, who ultimately served five years in prison for his corrupt mismanagement of Lincoln.  In the four years since Keating’s American Continental Corporation (ACC) had purchased Lincoln in 1984, Lincoln’s assets had increased from $1.1 billion to $5.5 billion.  Such savings and loan associations had been deregulated in the early 1980s, allowing them to make highly risky investments with their depositors’ money, a change of which Keating took advantage.  Lincoln’s investments took the form of buying land, taking equity positions in real estate development projects, and buying high-yield junk bonds.

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The core allegation of the Keating Five affair is that Keating had made contributions of about $1.3 million to various U.S. Senators, and he called on those Senators to help him resist regulators. The regulators backed off, to later disastrous consequences.

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(f)ive senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).

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After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised “poor judgment”.  All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they were both re-elected.

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McCain and Keating had become personal friends following their initial contacts in 1981, and McCain was the closest socially to Keating of the five senators. Like DeConcini, McCain considered Keating a constituent as he lived in Arizona. Between 1982 and 1987, McCain had received $112,000 in political contributions from Keating and his associates. In addition, McCain’s wife Cindy McCain and her father Jim Hensley had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family, and their baby-sitter had made nine trips at Keating’s expense, sometimes aboard Keating’s jet. Three of the trips were made during vacations to Keating’s opulent Bahamas retreat at Cat Cay. McCain did not pay Keating (in the amount of $13,433) for some of the trips until years after they were taken, when he learned that Keating was in trouble over Lincoln. On his Keating Five experience, McCain has said: “The appearance of it was wrong. It’s a wrong appearance when a group of senators appear in a meeting with a group of regulators, because it conveys the impression of undue and improper influence. And it was the wrong thing to do.”

So where is the Obama ad using “Poor Judgment” as its theme?  Wouldn’t it be nice to see that phrase repeated under a picture of Sarah Palin?

A McCain – Edwards Ticket

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August 11, 2008

As mid-August approaches, the Hillarologists are preparing to descend upon Denver to vent their spleens at the Democratic Convention.  We’ve seen videos of them at backyard parties, cheering for their fallen hero, and shouting out for … uhh … catharsis?  As their hearts filled with rage, visions of sexists danced in their heads:  the usual big-mouths who weren’t used to restraining themselves while making on-air comments.  Most of the liberally-inclined men I know, couldn’t understand the charges of sexism in media coverage of the Presidential campaign, as alleged by Clinton’s supporters.  That’s because these men don’t watch Fox News or the likes of Glenn Beck.  Had they watched Keith Olbermann’s Countdown program a while back, they would have been treated to a sampling of some ugly, sexist remarks, as rebroadcast to an audience who, for the most part, tended to avoid the White House echo chamber.

Suddenly, Hillary’s female activists have a big distraction.  John Edwards (age 55) has now admitted to having an affair with a dilettante filmmaker named Rielle Hunter (age 44).  Edwards has admitted to having the affair that began after his wife, Elizabeth (now age 58), had been diagnosed with cancer.  To the Hillarologists, the Edwards caper sounded all too familiar.  It was yet another case of “throw your first wife under the bus” syndrome, with the added feature of doing so while she is in the throes of a medical crisis.  The Clinton supporters must have been reminded of a similar situation involving another candidate in the 2008 Presidential campaign:  John McCain.

Sharon Churcher provided an informative history of McCain’s first marriage in the June 8 issue of Britain’s Daily Mail.  Her article described how McCain (who turns 72 at the end of this month) married the sexy swimwear model named Carol Shepp in 1965.  Carol is only two years younger than John.  Carol had been previously married to one of McCain’s Annapolis classmates, by whom she had two sons: Douglas and Andrew.  When McCain married Carol, he adopted her sons.  During the Christmas season of 1969, while McCain was a prisoner in Viet Nam, Carol was driving to a friend’s house and experienced a horrible automobile accident.  A few hours after the accident, she was found next to the wreckage of her car, having been thrown through the windshield.  Churcher’s article went on to point out that after McCain’s release from the “Hanoi Hilton” and upon his reunion with Carol in 1973, he first learned of Carol’s injuries.  She was no longer the tall model he remembered.  Her doctors “had been forced to cut away huge sections of shattered bone in her legs, taking with it her tall, willowy figure” as Churcher explained.

The Daily Mail article mentioned a man named Ted Sampley, who fought with the Special Forces in Viet Nam.  Mr Sampley was quoted as saying:

“When he came home and saw that Carol was not the beauty he left behind, he started running around on her almost right away. Everybody around him knew it.”

“Eventually he met Cindy and she was young and beautiful and very wealthy. At that point McCain just dumped Carol for something he thought was better.”

The article included the following quote from Carol about McCain’s reason for leaving her:

My marriage ended because John McCain didn’t want to be 40, he wanted to be 25. You know that happens … it just does.

The disgruntled Hillarologists must be aware of the pattern here: opportunistic male politician strays from his first wife after she sustains a physical setback.  The 2008 Presidential campaign brought us two candidates with the same modus operandi.  The fact that they are from different parties shouldn’t exclude John Edwards as a running mate for John McCain.  After all, non-Republican Joe “The Tool” Lieberman has been vying for that spot for over a year.