Monday, September 15, 2008

America's Most Wanted Villain: Phil Gramm, McCain Adviser

This is my 3rd posting about Phil Gramm. I had to today because the mess on Wall Street can be traced directly back to this Republican bamboozler and former financial adviser to John McCain.

Here's an April 5, 2008 story that was posted on It says it all [again]

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.

Passage of the law was greased with an astonishing $300 million in lobbying money, and it encountered little opposition other than from those old-fashioned banks that actually insure your deposits, while receiving the enthusiastic blessing of the Bill and Hillary Clinton co-presidency. And you had better believe that the so hands-on First Lady was all for it.

One of many consequences of the repeal was that a year later the Swiss bank UBS gobbled up brokerage house Paine Weber. A year after that, Gramm settled in as a vice chairman of UBS’s new investment banking arm and has since energetically lobbied Congress, the Federal Reserve and the Treasury Department on banking and mortgage issues.

This has included rolling back state rules that sought to stem the rise of predatory tactics used by lenders and brokers that led directly to the subprime mortgage meltdown, which cost USB more than $19 billion in writedowns this week and the prospect of massive job cuts.


OK. that's the 3rd time I've told this story. Now it's time for you to tell it to your friends, relatives, and fellow workers.

John McCain is nothing but a charlatan.

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