McCain Guru Linked To Subprime Crisis

Politico   |   March 29, 2008 11:47 AM


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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 "But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework."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.



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Senator Obama is correct. Senator Gramm Is beyond any doubt a big part of the problem and so is Senator John McShame.

favoriteFavorite Flag as abusive Posted 07:22 AM on 03/31/2008

The fact that Phil Gramm is not in jail, speaks volumes about our two tiered justice system.

favoriteFavorite Flag as abusive Posted 01:52 AM on 03/31/2008

Do you really want to make this about people near a candidate?
What goes around comes around.

favoriteFavorite Flag as abusive Posted 05:07 PM on 03/30/2008

Lieberman in painting a 'centrist' veneer over McCain lies again.

On ABC"s This Week today, Sen. Joe Lieberman (I-CT) falsely claimed that Sen. John McCain (R-AZ) "is not for the private accounts to take the place of social security." "He"s for what Bill Clinton used to call Social Security plus," said Lieberman.

Lieberman didn"t disagree, however, when host George Stephanopoulos pointed out that McCain had "disputed that in the Wall Street Journal" recently. Instead, he brushed the contradiction aside and changed the subject.

favoriteFavorite Flag as abusive Posted 04:10 PM on 03/30/2008

Wow Big Surprise- Who the Hell do you think is Running this Puppet Candidates Campaign? The Corps- banking , Oil, Auto, Insurance ,Pharms.....The same People also running Hillary's! They are both Operatives- why do they keep Patting Each othe ron the Back. If she is NOT handed th eDem nomination- She'll be HIS Running Mate. If she does TAKE the Nom, then it's a Win Win for the Inc's- either way their Horse 'Won' . Hell they'll try to steal it again- it's worked so well in the Past (Michigan was Stolen)

favoriteFavorite Flag as abusive Posted 09:19 AM on 03/30/2008

Coverup. Rubin and Greenspan are responsible. Clinton passed the law at 2:30 AM. Gramm took advantage of their efforts.

favoriteFavorite Flag as abusive Posted 09:14 AM on 03/30/2008

That photo of McCain and Gramm makes me wonder if they personify the future of the US? They have absolutely no light in their eyes, they have cold, dead eyes. Together these two have helped rape the US taxpayers, via the S & L scandal, plus McCain let DeLay and others who took from lobbyists to make laws go free. They are a couple of OLD, CROOKED SELFISH politicians, who do not have the best interests of the country at heart. Wendy Gramm helped Enron design their "accounting" procedures. She is waiting in the wings for a chance at the US Treasury, believe that.

favoriteFavorite Flag as abusive Posted 08:28 AM on 03/30/2008

We no longer have an open party system in the US! There is One Party. It has neither a Donkey nor an Elephant for a symbol, but rather the Dollar sign! For all of you who have argued all these months over Hillary vs Obama vs McCain vs whoever, understand: You will not elect anyone who has not already been vetted by the Corporate Elites in this country. It will take more than a president to save you.

favoriteFavorite Flag as abusive Posted 11:56 PM on 03/29/2008

Phil Gramm is a snake oil economist promising all to the people and delivering for the pockets of himself and his own kind.
It is a reasonable, if not totally accurate, appraisal that the Republican Party is compiled with the most despicable, selfish, self-interested, and anti American leaders in our history of self governance. And the center of the role models for this decadence appears to be in the heart of Texas. What poisonous plants grow in Texas that persuade common people to follow such traitors to our Constitutional form of governance? Historically, many great statesmen have come from Texas to enrich the management of this Nation. So, how could a political party become so thoroughly infilitrated with the anti-democratic, aristocratic theology that is being perpetrated by the Bush family on their unquestioning followers? How could the majority of the people becomes so enraptured by the Bush ideology that they are willing to turn their state into a third world, two class system of haves and have nots? Anybody from Texas disagree with my assessment. Please corrrect my distorted view of a great democratic State.

favoriteFavorite Flag as abusive Posted 09:46 PM on 03/29/2008

This might explain where McCain's calous comments about not helping indiciduals but he is for the bail out of the big guys.

favoriteFavorite Flag as abusive Posted 07:34 PM on 03/29/2008

The politics of personal destruction raises it's head again.

favoriteFavorite Flag as abusive Posted 03:43 AM on 03/30/2008

Its called ............the D C hustle

favoriteFavorite Flag as abusive Posted 11:17 PM on 03/29/2008

God Damn that McCain bro looks like an old sack of bones--We've go senility in the G'vmnt now already--why do we need him?

The End Times Are upon us, eh Fruity-Ass Wingnuts?!?

Depends on howmany depends you wear, Sen Vitter..Rock on GOP ..right over the cliff........

favoriteFavorite Flag as abusive Posted 06:41 PM on 03/29/2008

I would be tempted to characterize this pairing as the blind leading the blind, but it's more like the corrupt and sleazy leading the senile. What a team.

favoriteFavorite Flag as abusive Posted 06:04 PM on 03/29/2008

I just hope that Obama has enough experience to make any difference. I mean... I can count the years of experience on one hand.

favoriteFavorite Flag as abusive Posted 06:53 PM on 03/29/2008

Frugal Phil Gramm, friend of the common millionaire. While championing the balanced budget legislation he led the efforts to get billions in funding for the super conducting super collider. He and his partners had purchased land in strategic locations based on his inside knowledge of the plans. He led all Senators and Representatives in travel expenses once flying to Texas to dedicate a drug surveillance blimp, a program he had voted against. While his wife, Wendy, was the chairperson of the Federal Commodities Futures Trading Commission she moved to exempt Enron from Government oversight. Later she was appointed to Enron"s Board of Directors where she pulled in about 2 million dollars. In 2000 frugal Phil attached a rider to the 11,000 page Appropriations Bill that deregulated energy futures trading which allowed Enron and others unfettered dealings in contracts. The California electricity crisis developed within months and Enron"s revenues increased by 400%. Frugal Phil had received $100,000 in campaign contributions from Enron.

Although there is intense competition from other Republicans frugal Phil Gramm is probably the slimiest, most corrupt and hypocritical person in the World. John McCain claims to have no knowledge of economics and his association with frugal Phil definitely proves it.

favoriteFavorite Flag as abusive Posted 05:06 PM on 03/29/2008

There are similarities between two of the three remaining popular candidates on this issue.

BO isn't one of them.

favoriteFavorite Flag as abusive Posted 05:05 PM on 03/29/2008

Really?
After his big economy speach where did Obama go? to Credit Suisse HQ for a fundraiser. Do you know what Credit Suisse is?
Here is Obama donations from top sub-prime lenders -$1,180,103 total.
- Obama received $266,907 from Lehman.
- Obama received $5395 from GMAC.
- Obama received $150,850 from Credit Suisse First Boston.
- Obama received $11,250 from Countrywide.
- Obama received $9052 from Washington Mutual.
- Obama received $161,850 from Citigroup.
- Obama received $4600 from CBASS.
- Obama received $170,050 from Morgan Stanley.
- Obama received $1150 from Centex.
- Obama received $351,900 from Goldman Sachs.

favoriteFavorite Flag as abusive Posted 05:58 PM on 03/29/2008

What is your source, and how does that compare with Hillary and McCain? Empty facts from an empty cavity.

favoriteFavorite Flag as abusive Posted 01:49 AM on 03/31/2008

This old man was involved in the last housing problem we had.
Why do republicans hate America so much?

favoriteFavorite Flag as abusive Posted 05:41 PM on 03/29/2008

Why is this not the #1 issue on HuffPo? Because his running mate, Corporate Candidate B, a.k.a. Billary Clinton won't drop out of the race.

Divide and conquer. Keep the electorate at each other's throats, which keeps them from operating together in their best interests. Corporate Candidate A, a.k.a. Republican McSame knows who is feeding him, and is unwavering in his support of corporations and banking interests. The already owners own damn near everything, including the newspapers, radio and TV outlets. Why don't people use their brains to find out what is going on, and then do something about it? Oh- Brittany might be pregnant again..... uh... what was I talking about?

favoriteFavorite Flag as abusive Posted 05:00 PM on 03/29/2008

Phil Gramm, the Clinton's (Whitewater), the Bush's (Silverado) and others reaped the benefits of deregulation with predatory and dishonest practices that led to the S&L crisis of the 80's. It's not a shock that Gramm and others like him were creators of the sub-prime lending schemes that duped people into believing they could buy houses with mortgages for which they did not qualify: elevating appraisals, falsifying incomes, steering people towards ARM's and other loans with teaser rates, knowing what the outcome would be. We bailed out the S&L's while the officers and chiefs who made the risky investments, lied to their depositors and investors, walked away with billions with no consequence or accountability. Keating was the only one tried, and he spent but 6 months in a minimum security jail. Each time, the taxpayers bail out the industries, but the predatory practices continue as those with wealth and connections find other means by which to scam the public, enrich themselves, wait until the crunch or crisis erupts, and then walk away.
Without public scrutiny, accountability, criminal prosecution or any consequence, there's no reason for these sharks to stop. They'll just slip away and find some other venue or group to devour. Ken Lay at Enron got off lucky when he died. What about those brokers, traders and funds managers who helped fuel this mess? Why isn't the SEC or government attorneys investigating and bringing charges against them?

favoriteFavorite Flag as abusive Posted 04:10 PM on 03/29/2008

Phil Gramm is one of the most loathsome human beings ever. His wife (in true GOP tradition, she was wife no. 2 or 3) was on the Enron board of directors. As a senator he opposed increasing food-stamp aid because, he said, poor Americans were already too fat. And when an elderly black female constituent complained to him that she couldn't survive on her Social Security income, he advised her to find a husband.

In addition, he claimed that he put every issue to the "Dicky Flatt test," for a friend who owned a small business (a printshop) in Texas; if Gramm decided it wasn't good for Flatt, he wasn't going to vote for it. Well, who the hell was Dicky Flatt and why was he so important that the government should be run to benefit HIM instead of a poor, elderly widow. And while Gramm dutifully professed to be a "small government" Rethug, he never mentioned that Dicky Flatt himself wasn't necessarily for small government: most of his business was print jobs for various government agencies.

favoriteFavorite Flag as abusive Posted 07:23 PM on 03/29/2008

I hope walnuthead Gramn's previous cut and gut tactics come back and bite him in his old conservative ass!................

favoriteFavorite Flag as abusive Posted 03:52 PM on 03/29/2008

Romeny on the road with Mc Cain.

Mc Cain getting the "How to fool a Christians and get their Vote" seminar.

Maybe he can remember better than the tribe of Iraq.

favoriteFavorite Flag as abusive Posted 03:29 PM on 03/29/2008

Oh please! Act surprised, why don't you? ame is true among Clinton backers, btw, which makes perfect sense.

favoriteFavorite Flag as abusive Posted 03:24 PM on 03/29/2008

I look at the Republicans as the "selfish" party, and the Democrats as the "fairness" party. McCain's economic plan is singing the endless song of the selfish:

"leave me alone, it's mine"

Obama-Webb '08

favoriteFavorite Flag as abusive Posted 02:41 PM on 03/29/2008

Phil and Wendy have had their collective fingers in many a de-regulatory pie! Think Enron...

favoriteFavorite Flag as abusive Posted 02:35 PM on 03/29/2008

Yeh--she was double-dipping--on Enron board, after she stymied federal regulation of energy prices/market practices that led inevitably to the energy meltdown and Enron's exposure/collapse.
http://www.citizen.org/documents/NaderEnron.PDF

"The legislation reducing government oversight of energy trading was muscled through
Congress " without a Senate committee hearing " with the aid of U.S. Sen. Phil Gramm
of Texas. Gramm was chairman of the Senate Banking Committee, which had
jurisdiction over the legislation he co-sponsored, but he chose to bypass his committee,
and the bill was quietly tacked onto a "must-pass" appropriations bill late in the session.
Gramm"s wife, Wendy Gramm, also aided Enron"s rise to power. As chairwoman of the
Commodity Futures Trading Commission, she pushed through a key regulatory exemption
on Jan. 14, 1993, just as she was about to leave office. Five weeks later, she joined
Enron"s board of directors, where she served on the board"s audit committee and had
access to key financial information about the company...."
To read the entire press release, click here.

To read the report, Blind Faith: How Deregulation and Enron's Influence Over
Government Looted Billions from Americans, click here.

http://www.citizen.org/pressroom/release.cfm?ID=983

favoriteFavorite Flag as abusive Posted 04:08 PM on 03/29/2008

probably cause he lost money investing in those porno movies. then there's bush's uncle that pulled in 450 million profit from his perfectly selected defense stocks. i suppose after several generations of war profiteering it just gets easier. so phil is just a novice.

favoriteFavorite Flag as abusive Posted 07:56 PM on 03/29/2008

The Gramm-Leach-Bliley Act of 1999 was hailed as a success from Sandy Weil and everyone who went along with it in Washington at the time, Clinton included.

It did afterall repeal the old regulation known as the Glass Steagall Act of 1933.

favoriteFavorite Flag as abusive Posted 02:32 PM on 03/29/2008

Just another day in a CROOKS LIFE!!

favoriteFavorite Flag as abusive Posted 02:27 PM on 03/29/2008

Look at the photo. Doesn't the GOP have any younger, vibrant, ALERT members who might run for office? They all look like their eyes are dead. Bush, Cheney, Rove, McCain, Gramm all look like they are soulless. God help us if McCain makes it. Think the US is a laughingstock now? What is needed is a completely new guard to take over, someone with new ideas, with the energy to see the changes implemented. McCain is too worn out to be president. He will be like Georgie, in bed by 9, with a "Do not disturb" sign on the door. I am afraid Jeb will be his choice for VP, then NOTHING will change, unless things get even worse.

favoriteFavorite Flag as abusive Posted 02:21 PM on 03/29/2008

Will this be all over the media like the Rev. Wright story? No, cause the media and a majority of it's talking heads only go after the guy who has a chance of changing this country. They seem to want to stick to the same old crap that's gotten us into this mess.

favoriteFavorite Flag as abusive Posted 02:00 PM on 03/29/2008
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