One possible reason for this is that it was the late 70s-early 80s that America started really pursuing relationships with Islamic terrorists and dictatorships worldwide. If I were Shrub, I'd want to keep my dad's criminal activities classified too.
This is an old story isn't it? (at least it sounds familiar), Bush is trying to make it impossible for the press to get ahold of soon to be declassified documents from the Reagan and Bush I presidencies. It's an obvious and Nixon-esque "cover-up" rumor engine. Hide the facts, destroy your enemy.
This is great news for anyone who wants Bush gone, if we play it right. The media may start exposing his lies when they realize that they can't write those Iran-Contra books that they have been dreaming about.
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