Phil Gramm Resigns From McCain Campaign

NEW YORK — Phil Gramm, a top adviser to presidential candidate John McCain, is resigning from the role as campaign co-chairman after his comments that the United States had become a "nation of whiners" who constantly complain about the state of the economy.

The former U.S. senator from Texas and past presidential candidate made the remarks earlier this month. McCain immediately distanced himself from the comments, but they have been criticized constantly as McCain tries to show he can help steer the country past its current financial troubles.

Gramm had also suggested that the country was facing a "mental recession" instead of real economic problems. Gramm said in a statement late Friday that he is stepping down as a co-chair of the campaign to "end this distraction."

Comments

[suzyku]

These two deserve each other and I don't buy that Gramm is out, he's just moved out of the limelight. He and rove will keep advising mcbush!

[Sparky123]

He may be "officially" gone, but he will still be plugged into McCain"s ear all the way to November and beyond..

[Crowhaul]

Even more telling than Gramm's comments was McCain's endorsement of them.

[lionqueen]

Okay. Just for a minute, let's look at the other side of this issue.
It was a stupid thing to say. And yes, food and energy costs are hurting the most vulnerable in our economy. Point taken.
He was making a point about the economy. And, whether you define a recession as "two consecutive quarters of contracting GDP" or as "a significant decline in economic activity spread across the economy lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale sales," it is not definitive that one has occured in the US yet.
He may have been trying to make the point that, the more people believe that the economy is worsening, the more their behavior will likely to worsen the economy, i.e., cutting back on investment and spending can be a self fulfilling prophesy with respect to a recession.
Yes, it was insensitive. Yes, it was politically unwise. But, there is a grain of truth in the statement, and before it's summarily dismissed, it may be wise to consider what he may have been trying to say, as the economy may be barely skirting a recession.

[UnknownSoldier]

Very good defense of what Phil Graham may have been thinking. However it really does come off as sounding like "Let them eat cake". Which I know Marie Antionette never said, but it was the cavalier attitude which was pervasive. So what there was no bread for the peasants we have plenty of cake here.

Phil Graham stating that its only a Mental Recession because Corporate Profits have never been better, and as a result we will not see two consecutive quarters of Negative GDP before the election i.e. no recession.

Someone will have to show me how a countries economy can be doing well when it has been losing jobs for 7 years, and continues to lose them, and when the major market indicies have been trading sideways for 7 years. The Dow and S&P are pretty much where they were when Idiot Boy took over.

[suziq]

We shouldn't have to consider what he is TRYING to say - this is what the base truly believes. He broke the cardinal rule: you don't talk about fight club.

[noamjunior]

is your point that if you narrowly look at only a couple of specifiv indicators that technically we are not in a recession?
IF so maybe you should be working for McCain

[edwarvir]

lionqueen Yes his wife got a pass on the Enron scandal, and he got a
pass on this housing mess him and Bill Clinton and Phil is leaving before
O and the Dem go a digging any deeper. Bless his heart can you blame
him with all of these people losing their homes.

[afgail]

Nah. His real sin was to lift the veil of true feelings of the GOP. The truth is they don't care that American citizens are being exploited by the captains of greed. The Robber Barons could care less that our lives are being diminished by their unfettered power to manipulate the government for their own profit.

[Repub4Obama]

I hope President Obama and the Democratic supermajority congress repeal Grahm-Leach-Bliley and bring back a new version of the Glass-Steagall. We could finally get away from "improper banking activity" again, and hopefully prevent another S&L Crisis, Enron, IndyMac, Mortgage Crisis, the list goes on...

[OtayPanky]

Dear Senator Gramm -

On behalf of many, please accept my sincere thanks for all your contributions to this historical campaign. And, on a more personal note, let me say that I, for one, will be sorry to see you go.

We all know that this election will NOT be easy. All of us need to pitch in, and do our part. And you, Sir, have answered the call in a way few others have.

Indeed, when I consider this election cycle, only the words of the 40th President of the United States have done more than your words to elect Barack Obama the next president of the United States.

You, Sir, have reason to be proud - very proud - of your service to our beloved country.

So, once again, thank you so very much.

Sincerely,

Your Friend OtayPanky

[lmab]

On the brighter side, this frees him up to spend more time with his porn business.

[Daly]

Do ole guys need porn? I mean if the have to use vi-agra to pay attention and we have medical coverage for it.... are we wasting taxpay $.

[fireW]

Gramm never worked an honest day in his life and can now stop pretending he's working at all . . .

[barkingcat]

Oh, Phil -- your resignation hasn't "ended the distraction" at all.

You're too late with that -- you should never have opened your yapper in the first place.

You're trying to close the barn door after the horse has run off...

Enjoy!

[danoj]

Yup, pretty sure his resignation won't stop anyone from beating McCain over the head with the Phil Grahm club.

[youknowwhat]

A sad irony in what Gramm said is that at one time in this country working people who voted Republican would have accepted what he said. But that was also when they had good jobs. The elitist neocon Republicans played working Americans for being uninformed about their agenda.

[JJeff88]

Way to go. Break the news on Shabbos in order to sneak it by the news cycle.

This is important news - the Co-Chair of (and chief economic advisor to) McCain' campaign - is forced to resign.

Bloggers! Do not let this story die,. Don't let it disappear down the proverbial media black hole.

For at least the next week - regardless of the topic you are posting to - be sure to remind readers (and the media) how "McCain's other brain" was forced to step down.

If Gramm is the best McCain could initially come up with to fill "the" key role in his campaign, how can voters expect McCain to do any better as president?

[Gatormouth]

Gramm resigned because of whining Dems? Bull. I think it's what he got caught doing.

"Americans stash away 1.5 trillion dollars in tax havens"
http://afp.google.com/article/ALeqM5hAWyRDIy1SaZQr35zkl5JrSF0tuQ

WASHINGTON (AFP) " UBS bank vowed Thursday to stop offering offshore banking services in the US after legislators accused it and other banks of helping wealthy Americans hide about 1.5 trillion dollars in overseas tax havens.
********
"The evidence we have been able to obtain breaks through some of the wall of secrecy to show that these two banks have employed banking practices that facilitate, and have resulted in, tax evasion by US clients," said Senator Carl Levin, who led the six-month investigation.

Levin showed a chart summarizing tax haven bank secrecy "tricks" uncovered during the probe -- banks using code names for clients, telling staff to use pay phones instead of business phones so authorities cannot trace calls, and giving staff encrypted computers when they travel so authorities cannot read any client information.
********************************
Other methods included funneling money through so-called transfer companies to cover the tracks of the funds and make audit difficult, and opening accounts in the names of foreign shell companies to hide the real owners.

*******************************
Gosh, this looks bad. Maybe we should talk to the vice chairman of UBS Securities, the Swiss bank"s investment banking arm. That would be Phil Gramm.

http://www.nytimes.com/2008/06/06/business/worldbusiness/06tax.html?_r=1&scp=1&sq=gramm+and+wealthy+americans&st=nyt&oref=slogin

[larry278]

How about saying, Gramm cracked because of the blow back from his crack about whiners turned into a tornado?

[auntiecairo]

Dear Phil - to understand what whining is please read your own resignation comments - adios Whiny McWhinster. . .

[Vyvjala]

This whole gramm thing could be nothing more than a political ploy orchestrated just to make Mc Cain look like the good guy....................Whatever the case may be, gramm is still sleazy maggot.........

[zendem1]

When a major league baseball manager gets tossed out of a game, he goes back and stands in the tunnel behind the dugout. Tells the coaches what he wants, but stays out of sight of the umpires. This is much the same thing.