Saturday, April 05, 2008

McCain's main man caused mortgage mayhem

By Libby

This is the most important news I've read all day. Shaun Mullen notices that McCain's co-chair and presumably chief economic advisor is a terrorist in a business suit.
The presumptive Republican nominee supposedly swore off lobbyists after the Keating Five scandal nearly destroyed his political career, but they continue to have him by the short and curlies.

Phil Gramm, who is co-chair of McCain’s campaign, is not just another lobbyist. He is the man most responsible for the repeal of Depression-era banking regulations that have led directly and inextricably to much of today’s economic turmoil, and parlayed that classic example of legislative legerdemain into a lucrative lobbying career for the very people who scratched the smug Texan’s back — as well as McCain’s — on Capitol Hill.

Gramm was the biggest of the big guns behind the 1999 repeal of the banking regulations — the Gramm-Leach-Bliley Act — which was officially called The Financial Services Modernization Act. (Don’t you just love the name!)
Gramm went on to make a fortune as a beneficiary of the dereg and his wife made a cool mil working for Enron prior to its implosion.

McCain admits that economics is not his thing so this is a man he will turn for advice. Considering the scope of this economic meltdown, which will hurt millions of Americans, I agree with Shaun. I find it more than appropriate to call Gramm's political machinations an act of terrorism. They've certainly done more damage than 9/11.

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