Friday, February 13, 2009

Is Hate to Say I Told You So

Somewhere back in one of my 980 previous posts I fingered Phil Gramm.  Today, Time Magazine fingered him too: he's the #2 culprit in the Who's Who of the financial crisis. Just think: he was the chief financial advisor to John McCain.  Imagine where we'd be today with McCain in the White House!

And here is the indictment [the exact indictment I brought against Gramm many months ago]:

As chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's outspoken champion of deregulation. And he got it, by playing a lead role in the writing and passage of the 1999 repeal of the Depression-era Glass-Steagall Act, which had separated commercial banks from Wall Street. Then he inserted a provision into the 2000 Commodity Futures Modernization Act that exempted derivatives like credit-default swaps from regulation.
Yes sir, the Glass-Steagall Act. Those wise legislators from the Roosevelt Era knew exactly what they were doing.  Yet, today's Republicans thought something else altogether.  >Today's Republicans.  Nuff said!

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