Friday, July 11, 2008


Progress Report In an interview with the Washington Times, former Sen. Phil Gramm, the so-called "econ brain" of presidential candidate Sen. John McCain, remarked that the United States has "sort of become a nation of whiners." "Thank God the economy is not as bad as you read in the newspaper every day." "You've heard of mental depression; this is a mental recession," he said.

McCain said that Gramm "does not speak for me," despite the fact that Gramm's comments mirror what McCain said in April: "A lot of our problems today, as you know, are psychological."

Gramm played a key roll in gutting many of the institutions designed to keep the economy sound. Serving Chairman of the Senate Banking Committee between 1999 and 2001, he "routinely turned down Securities and Exchange Commission Chairman Arthur Levitt's requests for more money to police Wall Street." Later, he "pushed to end oversight" of energy futures trading for a key campaign contributor and his wife's onetime employer, Enron. Around the same time, "Gramm pushed through a historic banking deregulation bill that decimated Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms." The financial maneuvers enabled by Gramm's legislative measures would become the heart of the subprime meltdown.

More recently, it was revealed that Gramm was "being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy."


At July 11, 2008 2:35 PM, Anonymous Anonymous said...

What a tool! Who votes or supports this kind of weasel? Gramm (along with his idiot wife) has always been an total corrupted proponent of rapacious capitalism. Here's a doofus that said that America is the only nation where the poor are fat. He's one of the fatcats who have been making big bucks from serving the poor an unhealthy diet of lard which leads to ill health, but hey, it's cheap and there's money to be made. I'd like to forcefeed him a diet of the poor. Jeez, if I had a rocket launcher!

At July 14, 2008 9:45 AM, Anonymous Anonymous said...

This is another example of how the rich are more and more disconnected from reality. If business is doing well, then the economy is in great shape and it doesn't matter how many people can't pay their bills.

Are they really too stupid to realize that if all their customers have no money, then sooner or later, they will have no income? There may be a lot of negative things that can be said about Henry Ford and his legacy but this was an area where he knew what he was doing. The whole purpose of the firestorm he created by paying his workers a then unheard of $10 a day was for the sole purpose of making it possible for them to buy the cars they were building.


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