OK now I want all you rightards who spouted off about Biden's son to chime right in and condemn this guy.

I'll wait.

Like Neil Bush and the SNL's

OK now I want all you rightards who spouted off about Biden's son to chime right in and condemn this guy.

Let's be fair and condemn them both. Can Miniman do that?

11 banks have failed this year and you're suggesting there is a problem cause he was on the audit committee for 5 months... pleeze explain how that means ANYTHING

Maybe if he had taken the job seriously, instead of quitting only five months in, the bank could have survived without a federal rescue.

It's a 3 board committee, rcade. If he didn't take his job seriously, then 2 others didn't as well.

From the article:

There is no evidence that Mr. McCain, 46, committed any wrongdoing.

When there's evidence of wrongdoing get back to us. Otherwise this is just a political witchhunt.

Take the job seriously? The bank is struggling like others, there is no evidence of wrongdoing, but let's ignore facts and sling some mud around and hope it sticks

miniman, condemn Andrew McCain? what did he do wrong?

Maybe if he had taken the job seriously, instead of quitting only five months in, the bank could have survived without a federal rescue.

No chance. Once a bank is insolvent, there is no way back without a bailout.

It could be argued that McCain quit to avoid being tagged as using political influence to rescue the bank.

McCain is so full of fail, it spans the generations.

McCain is so full of fail, it spans the generations.

Though provoking comment... full of nuance... you must be a DNC speech writer!!!

LIke father, like son.

wallet before Country, the McSame family motto.

"McCain's Son Tied to Failed Bank"

"Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage. There is no evidence that Mr. McCain, 46, committed any wrongdoing. Nor are there signs that Sen. McCain, the Arizona Republican who on Thursday accepted his party's presidential nomination, had any knowledge of or involvement in Silver State's problems."

Excellent job at spinning this story 'rcade' and putting the Democrat twist to the headline! You even managed to get the people here riled up! Job well done!

This is a non story. McCain's son had minimal contact with this bank. It does, however, show that you can't have your finger in so many pies. This is a criticism for all relatives of powerful politicians that want to cash in on the name or the reccommendation and end up being directors, representatives, committee members, etc. of many enterprises without really being completely attached to any.

To show our solidarity as Americans, let's all get together and show each other our support for the candidate of our choice. It's time that we all come together, Democrats and Republicans alike. If you support the policies and character of John McCain, please drive with your headlights on during the day. If you support Obama, please drive with your headlights off at night. Thank you and God Bless.

#13 | Posted by drsoul

That was mildly amusing the first time I heard it - I think several elections ago.

I Don't know why you libtards don't wait. I haven't condemned Biden, because if you think about it. The American Cancer Society is a political "lobbyist" The Childrens Defense Fund is a Lobby.Not all Lobbyist are bad and just want a run on the treasury. So not all Banks that collpase are victims of corruption, maybe trying to help people they lent more than they should. That could be bad management, but the cuase was just.

It's like with Gov. Palin, the lefties took every rumor that found it's way on to their blogs and ran with it..Just calm down. You loony hyperpartisans are what is destroying America

It could be argued that McCain quit to avoid being tagged as using political influence to rescue the bank.

My guess is that he quit to distance himself from a bank he knew was in deep trouble.

You loony hyperpartisans are what is destroying America

#16 | Posted by HillBillyJihad

I completely agree!! Of course you also have to include all those crazies that went apeshit on:

-Obama's short elementary school stint in a muslim school in Indonesia

-whether he was a Christian or Muslim (even after the wild accusations that he had listened to 20 yrs worth of inflammatory speech in a Christian church)

-his birth certificate from hawaii

at least try to be fair..

Must....Expand.....Base;

Keating Six.

I haven't condemned Biden, because if you think about it. The American Cancer Society is a political "lobbyist" The Childrens Defense Fund is a Lobby.Not all Lobbyist are bad and just want a run on the treasury.

I have trouble getting my undies in a bunch over that Biden story too. Calling somebody a lobbyist isn't enough to show they're bad and/or corrupt. You have to judge their specific actions in that job.

In any case, adult relatives of candidates are fair game for their business and political associations. And for their redneck lifestyle, weird business plans and excessive drinking -- Billy Carter you are missed.

OK now I want all you rightards who spouted off about Biden's son to chime right in and condemn this guy.

I'll wait.

#1 | Posted by midiman at 2008-09-06 09:33 AM |

Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage.

There is no evidence that Mr. McCain, 46, committed any wrongdoing.

midi,

He was there only 5 months. I know that 5 months on the job may seem like a long time to you (and probably a record for you), but not to the rst of us.

My guess is that he quit to distance himself from a bank he knew was in deep trouble.

#17 | Posted by rcade

At minimum yes. To charge him with wrongdoing is another case of mudslinging.

Banks borrow more from Fed

"McCain's Son Tied to Failed Bank"

In a larger sense, we're ALL tied to a failed bank (like "cement shoes").

Rampant Fraud due to excess deregulation. Yet the Pubs keep blowing smoke up everyone's ass.

The unnecessary Iraq War has wasted something between $1-3 trillion.

The S&L crisis cost taxpayers $5-600 billion. McCain was on the take from Keating during this disaster. But its nothing compared to what is coming.

The new deregulated banking crisis derives from the subprime loans is poised to take taxpayers to the tune of $11 trillion. That's how much prices were inflated in conjunction with a flood of zero qual loans. Bernanke has already started handing out fresh new bills to his pals on Wall Street. But they are only 2.5 million loans into a 7 million loan mess. The thing is once the market really starts collapsing jobs will also go and the 7 million defaults may grow yet more.

Thomas Friedman is quite an economist. Not that everything he taught was wrong, just the most important stuff. Not that he could take the world by storm himself, but a system of fraudulent education coupled with a Government overrun military andf industrial interests have killed the goose and made a forune for themselves in the process.

If you really want to undestand read Michael Hudson or Paul Craig Roberts. They not only understand, their writing is clear and succinct.

Maybe if he had taken the job seriously, instead of quitting only five months in, the bank could have survived without a federal rescue.

#5 | Posted by rcade at 2008-09-06 09:49 AM |

"Maybe" "Could have"

Do you have any proof to either of these statements? Or is this just so mch lib bullshit and conjecture again?

It would be interesting to ask him why he bailed?
Did he see the writing on the wall? Was the bank already in over their heads? Not that I care for the guy, but in my opinion the problem is not just one guy but many "guys". Why are we in such an economic crisis? I'll tell you and its from personal standpoint, make money get greedy, take everything for granted, spend spend spend, and in the end you find yourself in a hole and trying like hell to get out but the edges just keep crumbling in your hands with no way to pull yourself out.

geezer1

Good point, As I have stated before. I live in JD Heyworths district and it took everything I had not to vote for him and let Harry Mitchell win and give the dems another seat. But JD Heyworth turned into another shady, greedy politician. It hurt BAD to see a big goof Like Harry Mitchell win, But Heyworth was a crrok. he had to go. So I Do live by those words. I am partisan, but even i can see the difference between partisan politics and suicide

In a larger sense, we're ALL tied to a failed bank (like "cement shoes").

Ouch. Painful but true.

Do you have any proof to either of these statements?

Nope. I'm just asking questions on what we do know. Quitting a bank's board after five months is suspicious. I don't buy the "too busy" excuse.

Its funny how Repubs think that the economy is doing just fine when the unemployment rate as at a all time high, and the staggering number of bank failures (due to the faltering housing market). A vast majority of millionaires in America are due to real-estate, and these millionaires are primarily Republican. These Republicans have a solid control of the housing market, and they are the ones who pushed sub-prime loans to financially unstable borrowers. What does this mean?...Republicans are responsible for our current recession.

Rampant Fraud due to excess deregulation.

Baloney! I proves the failure of regulation. Across every industry, the regulators protect and coddle the regulated, often hiding their criminal activity until it makes public news. Then they feign ignorance, punish a few scapegoats at the bottom and promote a few more regulations that mask more sinister future misdeeds. Always guaranteeing the regulators a future high paying job when they go into the private sector.

The fact is that the Federal Reserve System (private banking cartel) and fractional reserve banking is a massive criminal fraud (embezzling, Ponzi Scheme, Pyramid Scheme) on the American people. It could not avoid an eventual collapse. There it is for all to see, stealing from you every day while the banking industry grows rich, always assured of bailouts no matter how greedy and corrupt.

Ray,

That is also true. However, I fail to believe that industry insiders had no idea that corruption was prevalent.

Ray,

You're wrong.

Glass-Steagall was repealed under Clinton.

Then Phil Gramm shoved a 264 page deregulation rider written by the banking Industry into 2000 end of the year funding bill. No one except Gramm understood what had been done and Gramm is intellectually challenged in polite company and a political crook to end all political crooks to those who understand. His wife was put on the board of Enron and he on the board of the Swiss Bank which authored the deregulation.

Then along comes Bush who refuses to enforce what little regulation remains. Worse, the FERC was stuffed with Enron crooks who refused to enforce the law during the California Energy Crisis.

Because our legal system has a very high tolerance for the absurd, there has never been a regulation around which a rich person cannot run. Regulation or deregulation, the chicken or egg question is born from the absurd. In an effort to curb abuse by the rich the regulations become increaingly complex. But, rich people rule it and they are never satisfied. Under Shrub they have sought to completely cripple Justice for the little guy. Exxon appreciates their efforts.

The reasons tough regulations were put in place during the great depression was to curb the abuse of poor people by rich people, from child labor laws to the forty hour work week. Much of that regulation has been dissolved. Here we are again.

Bankers have quickly entered the upper echelons of most hated professionals...along with lawyers and politicians.

You can't regulate against stupid people which after reading these blogs I am convinced represent the democratic base... unable to read the facts let alone understand them, they sign no downpayment mortages over-extending themselves and then whine for the government to bail them out

Glass-Steagall was repealed under Clinton.

Baloney again, Nutcase. The repeal of Glass-Steagall ties in exactly to what I said above about regulators protecting the regulated from fraud.

The Federal Reserve System is a massive fraud that gives bankers legal rights to extort consumers. The Feds benefit because the created money from the Federal Reserve gives them funds without direct taxation. In turn, federal deficits are paid by consumers through inflationary prices.

Nutcase, you're not connecting the dots no matter how I spell it out for you.

The Federal deficit causes inflationary prices... Gees... I guess supply and demand means nothing

I would have thought prices are up from demand from a hungry Asia and high transportation costs

"The Federal deficit causes inflationary prices... Gees... I guess supply and demand means nothing"

You're confusing definitions. The textbook definition of inflation is too many dollars chasing too few goods. If the Fed keeps printing money and printing money, that's the too many dollars portion of the equation.

Money is just as subject to the laws of supply and demand as everything else. An increase in the supply of money to finance deficits cheapens its value. This explains why it takes more dollars to buy the same things as it did, say 20 years ago. Said another way, prices in general are dependent on the money supply. They can't rise from demand alone.

Bank created inflationary cycles are limited by the worth of the currency they are devaluing to zero. We haven't see the worst of it.

How amazingly similar all GOPs are -- Remember when Neil Bush was tied to the RTC and bank failures of his time?

McCain spokesman Taylor Griffin issued this response: "Silver State, like many regional banks, is struggling in the midst of very difficult economic conditions. Andy realized after joining the Silver State board in April that the bank needed directors who could devote a great deal of time and attention to guiding the bank through this challenging time.

McCain jr cited personal reasons for leaving.....from the above text, he should have cited 'incompetence'.

We are quite literally facing the possibility of a government funding cost ramp, which can lead to the collapse of government financing. Tax receipts are already way down and will go much lower. Corporate profits, from which are taxed, are also in decline. Add to this a doubling of the public float and we could easily find ourselves unable to fund any of the social programs, infrastructure, or other spending that you think Government owes you.

Down this rabbit hole lies a Greater Depression, worse than the 1930s, or, if the government were to panic (and it will - see the recent examples in Bear Stearns and now Fraudie and Phoney), an all-on hyperinflationary explosion that renders everyone's savings and investments worthless occurs overnight, followed shortly by the collapse of the government.

No government in the history of mankind has managed to engineer a hyperinflation and get out of it intact, but there is a mathematical point beyond which debt service exceeds income + spending necessary to maintain life (of the government) and at that point such an implosion becomes inevitable. This is mathematics, not politics.

In each and every case where that line was crossed and hyperinflation ensued a dictator or fascist state has risen and overthrown the previous government, frequently by force, and the people's wealth has been destroyed. All of it.

I repeat for emphasis: History says that this has happened every single time a government has attempted to walk this path.

While there are those who say that we "can't" have deflation because it would be horrible and we "must prevent it", if the government continues down its present path what we will get is far worse.

Yes, folks, we are headed for a Depression. It is unavoidable and both political parties are responsible - along with, ultimately, you.

But we must, here, now and today, rise as Americans and stop the insanity of instantaneously doubling the public debt by backstopping the GSEs. This is a quantum leap from where we were just a day ago, and if we permit it to happen, the required increases in debt and money supply to "keep pace" will compound at an exponentially-increasing rate until everything you own has become worthless. At that point commerce essentially collapses, reverting to barter-only, the government becomes unable to tax and thus cannot issue any more debt or roll that which becomes due.

Obama tied to the failing Illinois economy....7.3% unemployment as of Aug 2008. 5th highest rate in the country!

Ray,

The discussion I offered ties deregulation to Corporate crime. What I said was true.

Your discussion is about the relationship between the Federal Reserve and the private banking industry. This is a subtle variation on my theme. I do not disagree with your commentary on the relationship between printing money and inflation et al. They are intimately linked. Under Shrub the rate the printing presses are running at has become another State Secret. It was a monthly report until these greedfuckers took over. They no longer tell us and instead depend on the use of military force to maintain dollar hedgemony of commodity trading. I agree with your thoughts but believe it is separate avenue of regulatory commentary. The laws which used to exist which have been broken have nothing to do with the Federal Reserve which has always operated more or less outside the law. The only thing that might constrain Bernanke from more giveaways to Wall Street Crooks is a phone call from the President. Such a call will never come from Shrub.

Nutcase

Corporate crime is legally sanctioned and protected by government; and that includes the Federal Reserve. Government has the power and the corporations have the money; it's a symbiotic relationship. In all history, every government puts its interests above the citizens it rules over. It feeds on the citizenry until there is nothing left to feed on.

It's plainly insane to me for the masses to give a handful of people so much power. This is what you get. And we haven't seen the worst of it by far.

Ray,

I couldn't agree more. But what has that got to do with repealing 100 year old regulations?

Ray,

I couldn't agree more. But what has that got to do with repealing 100 year old regulations?

You are talking about Glass-Steagall? First of all, the law was aimed at the effect, not the cause. The main source of the Great Depression was the Federal Reserve System. Austrian Theory explains that business cycles are governed by the expansion and contraction of money and debt. Monetary expansion fed the boom to its limit, then it collapsed.

Glass-Steagall got in the way of what was to become the greatest monetary expansion in all history, so they got rid of it. Laws mean nothing to these people. They change them or ignore them for whatever reason is most expedient.

Do you think the FDIC was meant to protect depositors? Nope. It protects the banks against panics. When banks loan out 90% or so of your deposits, sometimes things go wrong like what is happening now. The Federal Reserve was put in place to keep the banks supplied in case of mass panics. But that creates worse problems as we will see.

what a useless thread!

We agree that the worst is yet to come. Liberal Economists (popular label only) Michael Hudson and Paul Craig Roberts have been warning us for years. We also agree the newly created Federal Reserve, in service to rich people, contracted the money supply and caused the Great Depression.

But your original claim was regulation, not deregulation, is a root cause of the impending collapse.

Immigration policy is a perfect example of your point that authorities ignore regulations at their whim. But what is the difference between refusing to enforce a regulation and deregulation?

Repealing Glass-Steagall, Phil Gramm's under the table 264 pages of bribe driven changes, inflation, outsourcing, the Iraq War all fit the definition of deregulation better than regulation.

Obama tied to the failing Illinois economy....7.3% unemployment as of Aug 2008. 5th highest rate in the country!

#44 | Posted by aclusux at 2008-09-06 06:07 PM | Reply | Flag:

You DO realize that US Senators have NOTHING to do with state laws and policies, right?

Obama doesn't pass laws in IL and McCain doesn't deal with AZ laws.

Nice try though!

Mcsame's son isn't running for office so why is this news worthy?

5 months, the democrats are trying to raise a stink about McCains son for occupying a job position for 5 months.

Useless fucks, the boy could barely make a decision in five months because he was just getting broke in on how the company actually operates.

McCain is tied to fail policies. I could care less about what his son does.

K204,

Because the job he got was a political payoff. Give my son a cushy job and I'll do favors for you in the Senate.

What bumbling geniuses you know jack shit about the banking industry, then you try to cast blame with NO KNOWLEDGE WHATSOEVER about it! Classic dr left. Go fuck yourselves...

If any of you IDIOTS thing this small bank's failure is to blame on dereg or McCains son, then you clearly have your heads up your ass. Oh that's right the dr left proves their stupidity daily!