John McCain has accused Barack Obama of being a liar for having dared to point out the truth about McCain’s record. The truth is that McCain’s commitment to deregulation of the financial industry led directly to two financial disasters and two massive federal bailouts, no matter how much he falsely claims it didn’t.
In the midst of the biggest financial crisis since the Great Depression, McCain’s trying to change the subject by launching vicious attacks on Barack Obama—not his policies, but on the man himself. McCain’s doing this because he doesn’t want American voters to remember that he was in the thick of setting the stage for the current financial disaster. But the main thing he wants voters to forget is that he was very nearly prosecuted for his involvement in the “Keating 5” and got off lightly.
McCain's political favours and aggressive support for deregulation back in the late 80s and early 90s put him at the centre of the fall of Lincoln Savings and Loan, one of the largest in the country at that time. More than 23,000 investors lost their savings. That crisis forced the federal government to bail out the savings of hundreds of thousands of families and ultimately cost American taxpayers $124 billion. McCain wants voters to forget all that.
Then McCain helped to set the stage for the current disaster by backing the same failed policies and he wants voters to forget that, too. McCain has openly admitted that he doesn’t understand economics, so he turned to the people who were the architects of these financial disasters and enthusiastically did as they demanded.
So McCain helped cause this problem, and no amount of lying about the past of Barack Obama can change that. McCain’s ignorance of economics means he doesn’t even understand what he broke, or how he did it, so he can’t possibly fix it. McCain’s inability to admit his mistakes and correct them means his arrogance could lead to this happening all over again—again.
McCain is wrong about Barack Obama, he’s wrong about the economy and he’s wrong for America. Paired with the most unqualified and ignorant vice presidential nominee in decades, perhaps in all of American history, one thing is clear: Palin-McCain aren’t merely wrong, they’re dangerous.
And that’s the truth—not that Palin-McCain know what that is anymore.