McCain Guru Linked To Subprime Crisis

stumble digg reddit del.ico.us news trust

Politico   |   March 29, 2008 11:47 AM

Read More: Mccain Phil Gramm, Mccain Subprime, Phil Gramm, Subprime Crisis, Breaking Politics News
Show your support.
Buzz this article up.

The general co-chairman of John McCain's presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today's economic turmoil.

"A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed," the Illinois senator running for president said in a New York economic speech. "But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework."

Gramm's role in the swift and dramatic recent restructuring of the nation's investment houses and practices didn't stop there.

Read the whole story here.


 
 

Comments
13
Pending Comments
0

Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to

View Comments:
- ajax2 See Profile I'm a Fan of ajax2

McCain Guru, Bill Clinton, Linked To Subprime Crisis

    Favorite    Flag as abusive Posted 07:27 PM on 03/30/2008
- booker52 See Profile I'm a Fan of booker52

McCain was part of the savings and loan mess of the 80's, so having this guy as part of his team doesn't surprise me. Phil Gramm just strikes me as slime at it's worse. Anything to make a buck and screw the public over. McCain just stands there and smiles!! He is just about clueless and wants us all to believe he would make a great Prez. A big fat not. It would be like a Bush third term. No way.

    Favorite    Flag as abusive Posted 07:18 PM on 03/30/2008
- historian1900 See Profile I'm a Fan of historian1900

Former Senator Gramm's lovely wife, Wendy, sat on Enron's board.

    Favorite    Flag as abusive Posted 05:32 PM on 03/30/2008
- Mass Irish 2nd Generation See Profile I'm a Fan of Mass Irish 2nd Generation

Gramm ran for the Presidency in 1980s or 1990s, but he has too mean and nasty look on his face to fool the American people. He had an incredibly dumb ass political commercial he was running in New Hampshire. He didn't look like your kindly uncle, but the bastard who conned you into signing a bad mortgage contract.

He is a former Texan Democrat who switched parties in the Reagan Revolution. They must have funny Democrats in Texas.

He is one of many reasons why the average American should distrust and fear the Republican Party and not be taken in by the McCain "straight shooting" hokum. The Republicans look after the wealthy and that is the bottom line. I hope Gramm rises to the surface in the Presidential race and his nasty mug frightens the American people and reminds them who the Republicans truly represent.

    Favorite    Flag as abusive Posted 01:42 PM on 03/30/2008
- SouthernYankeeBelle See Profile I'm a Fan of SouthernYankeeBelle

Thank god he switched parties. I understand this idot didn't even finish high school. His wife worked for the government also. I think it was at the Labor Dept (not sure). But it was good when he left office. I think he would have been under investigation also. It shows you we really need to clean out the senate, house and the white house. I can't stand any more.

    Favorite    Flag as abusive Posted 04:44 PM on 03/30/2008
- speakingtruth2power See Profile I'm a Fan of speakingtruth2power


Everything we see and learn about J W McBomb says more of the same.

The neocons are out to destroy our democracy and remake it in their own

fascist image. Populism is the cure for the ruinous cancer of corporatism.

Hillary is not change enough and we can only hope Barack Obama CAN!

    Favorite    Flag as abusive Posted 12:43 PM on 03/30/2008
- Mass Irish 2nd Generation See Profile I'm a Fan of Mass Irish 2nd Generation

Senator Lieberman, Z(ionist)-Israel, was on the CBS talking heads news show praising Senator McCain to the sky this morning. Senator Lieberman representing McCain should be interpreted as the red flare in the night to the American people that our horrific adventures in the Middle East will continue under a McBush presidency. I hope the American people don't get fooled again, to paraphrase Pete Townsend.

    Favorite    Flag as abusive Posted 03:44 PM on 03/30/2008
- TXfemmom See Profile I'm a Fan of TXfemmom

Bill Clinton did not deregulate the industries. The Gramm/DeLay Congress deregulated all the things which led to Enron and now this debackle.

Gramm was the leading proponent of it and he and his wife were up to their noses in the Enron collapse and neither paid any sort of price for their corruption. It was Gramm who spearheaded the changes which also permitted this subprime mess and the Bush/Cheney and Republican-controlled Congress further loosened the regulations.

The fact that McCain is using Phil Gramm to guide him in economic and business decisions for his campaign and afterwards SPEAKS volumes about where McCain has gone.

    Favorite    Flag as abusive Posted 12:04 PM on 03/30/2008
- Mass Irish 2nd Generation See Profile I'm a Fan of Mass Irish 2nd Generation

Can we all say "THE KEATING FIVE" really, really loud so the American people can hear us?!

Boy, this would be a good question to ask the Straight Talkin' Senator at his next press conference: "Senator McCain, what role did Senator Gramm play in the Enron collapse and what responsibility does he share for the robbing of millions of dollars from ordinary Americans who invested in Enron? Why was he never investigated by Congress or the Justice Department?"

Ain't goin' happen. The press all have "men's crushes" on Senator McCain. McCain think that he can throw up the patriotic mystique and we-unlike the press-are not expected to think and judge Gramn and his role in the cold light of facts and records.

    Favorite    Flag as abusive Posted 03:54 PM on 03/30/2008
- wetman See Profile I'm a Fan of wetman

How can we be surprised? The Savings and Loan crisis, Enron and the cluster of like cases, and now the "sub prime" slime. It's exactly the same pattern: The pirates (read Republicans) pour an ocean of money into a targeted deregulation legislation package, their greed causes them to overreach to the point of an economic meltdown, and they go crying to the government (read Middle Class) to bail them out. In their view, Socialism is only for the rich.

    Favorite    Flag as abusive Posted 11:49 AM on 03/30/2008
- riverhouse See Profile I'm a Fan of riverhouse

Bill Clinton deregulated the financial industries. He also undercut the social welfare system and put NAFTA in place.

    Favorite    Flag as abusive Posted 10:37 AM on 03/30/2008
- bikerdude See Profile I'm a Fan of bikerdude

Phil Gramm has always represented the sleazy side of politics. Any candidate who would have him as a staffer or advisor would automatically disqualify him/herself as a candidate. We are still suffering from what Phil Gramm did while in office/public service. Yet I can see he and John McCain on the same page. Lots of lobbying, playing with our money, supporting corporate interests...

    Favorite    Flag as abusive Posted 10:31 AM on 03/30/2008
- tililek See Profile I'm a Fan of tililek

Why am I not surprised? Dismayed, yes. Surprised, No.

    Favorite    Flag as abusive Posted 12:29 PM on 03/29/2008
Comments are closed for this entry

You must be logged in to reply to this comment. Log in

 
 

 

 Site  Web ask.com