Tag Archives: keating five

Experience Matters

With the Republican party whipsawing on whether or not experience really matters, I for one am ready to concede that to a certain extent it does. So I would like to propose that as our nation prepares to relive that nightmare from the 80’s — no, not Disco — the Resolution Trust Corporation, I propose that we should lean on some people with experience from that past debacle.

Neil Bush, for example, George W’s younger brother, who twenty some years ago was a board member of Silverado Savings and Loan when that institution went belly up and cost the American taxpayers a cool $1 billion. I’m sure that Neil could bring his insider’s perspective to bear on this latest bleeding of the American public.

Or maybe Sen. John McCain? He has first hand experience with the collapse of financial institutions dating back to his service with the Keating Five, working hard on behalf of Charles Keating Jr., chairman of Lincoln Savings and Loan Assoc. Even though the Senate Ethics Committee ultimately found that McCain was guilty of “poor judgment,” I’m sure he could rise to the occasion now.

In all seriousness, though, here’s hoping that Sen. Chas. Schumer, D-NY, is successful in his efforts to get foreclosure relief rolled into any bailout legislation.