Digby says it all, so I’ll just quote her here:
As we watch yet another Republican financial crisis unfold before our very eyes, everybody needs to employ Mr Google to read up a little bit on the Keating Five scandal. McCain was big, big pals with Charles Keating. He spoke up for Keating with the regulators, buying him more space to defraud his investors — and the taxpayers — even more than he already had. He has not changed his philosophy since then. In fact, his closest economic advisor, Phil Gram, apparently believes that these firms should be completely unregulated and then bailed out by the taxpayers on a regular basis.
John McCain has a long history with bank failures and financial scandals. He created his whole reform persona around the idea that he’d come too close to the flame and gotten burned. But he hasn’t changed his philosophy or his policies one bit. He believes in the same scam his close advisor Phil “you’re all a bunch of whiners” Gramm believes. He pretended for years that the problem was solely in the campaign finance system, burnishing his image with signature legislation that has proven to be completely useless. Meanwhile, he backs deregulation like it comes down from Mt Sinai.