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Keating 5 Survivor John McCain Now Favors Regulating Same Industry He De-Regulated When Lobbied 15 Years Ago

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Today's news that AIG has been taken over by the federal government for $85 billion dollars could be the straw that breaks John McCain's back. If, and only if, Obama hits the message home in real time and doesn't let up until November 4th.

McCain, a champion of deregulation in the Senate, former Commerce Committee Chair, has taken an abrupt about face on the economy after yesterday's suicide mission in which he called the fundamentals of the economy strong.

In that one statement, then the support of regulation of finance, McCain has demonstrated that he is right. He doesn't know much about the economy. The late Tim Russert brought that out on Meet the Press not long ago.

If this is the moment Obama has been waiting for and he stays on message, he will win the election.
There is no easier target than a presidential campaign that was on the uptick then self-destructs. McCain now looks out of touch with the concerns of ordinary Americans, who are legitimately worried about their 401Ks and investments. McCain also looks out of touch with the thousands of people walking away from the buildings they worked at in Manhattan with no jobs and no clear future.

McCain is in a corner, one he can tactically be kept in quite easily for 6 weeks. All Obama-Biden have to do now is talk about the banking crisis and the change in position of former deregulation champion John McCain. Oh, and by the way, who favors deregulation? Oh yeah. The lobbyists.

Surely someone who was a target of the Keating 5 investigation understands this. Remember that one in the early nineties, when McCain helped a banking mogul who was lobbying him to de-regulate the S&L's?

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