In a special Presidential blog, I have decided to introduce you to one of John McCain's campaign managers/top advisers, a man who has shaped many of John McCain's economy policies. I'm talking of course about McCain's campaign co-chair and senior economic adviser Phil Gramm, the man many economists believe helped create the "anything goes" environment of non-regulation for the financial industry that has led to our current economic crisis. Without further ado, it's time to meet the fuckers.
Name: Phil Gramm
Nicknames: "Foreclosure Phil"
Time in Congress: 24 years (1978-2002)
Current Positions: McCain Presidential Campaign, Co-Chair; Senior Economic Adviser
Other Prominent Positions: UBS Bank employee, beneficiary and lobbyist
Probable Position in a McCain Administration: Secretary of the Treasury
Infamous Quotes: Explaining that our country is not in a recession, Gramm said, "This is a mental recession. We have sort of become a nation of whiners, you just hear this constant whining, complaining..."
Prominent Legislation:
1) The Gramm-Leach-Bliley Act of 1999: A piece of legislation spearheaded by Gramm aimed at deregulating the financial industries. Banks, brokerages and insurances companies licked their lips in anticipation of this act being passed, allowing them to consolidate all financial services without much oversight. Translation: Banks, lenders, insurance companies and the like could merge together and consolidate services. The Financial Industry could now try their hat at commercial banking, investing banking, mortgage lending, insurance, etc. with little regulation from the government. Many prominent economists attribute the 2007 sub prime mortgage meltdown and subsequent financial crisis we currently find ourselves in to this act that Gramm sponsored.
2) The Commodity Futures and Modernization Act of 2000 & "The Enron Loophole": Gramm co-sponsored this bill, which involves a dispute between two government agencies, the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Both agencies wanted jurisdiction over financial instruments called "single stock futures contracts". These instruments were banned for a while because of the dispute, but were allowed to be traded after the passing of this Act. Embedded into this legislation was something called the "Enron loophole", a term coined because it was drafted by Enron lobbyists working with Phil Gramm. The result: energy trading was exempt from regulatory oversight. With this, Enron Corporation was able to game the system, wreck the California electricity market and...well, you know the rest.
This is just the tip of the iceberg with a man many believe is directly, or indirectly responsible for the recession that is surely upon us. For an in-depth look into the shady, conflict of interest-ridden mess that is Phil Gramm, please check out the following article: Foreclosure Phil
Name: Phil GrammNicknames: "Foreclosure Phil"
Time in Congress: 24 years (1978-2002)
Current Positions: McCain Presidential Campaign, Co-Chair; Senior Economic Adviser
Other Prominent Positions: UBS Bank employee, beneficiary and lobbyist
Probable Position in a McCain Administration: Secretary of the Treasury
Infamous Quotes: Explaining that our country is not in a recession, Gramm said, "This is a mental recession. We have sort of become a nation of whiners, you just hear this constant whining, complaining..."
Prominent Legislation:
1) The Gramm-Leach-Bliley Act of 1999: A piece of legislation spearheaded by Gramm aimed at deregulating the financial industries. Banks, brokerages and insurances companies licked their lips in anticipation of this act being passed, allowing them to consolidate all financial services without much oversight. Translation: Banks, lenders, insurance companies and the like could merge together and consolidate services. The Financial Industry could now try their hat at commercial banking, investing banking, mortgage lending, insurance, etc. with little regulation from the government. Many prominent economists attribute the 2007 sub prime mortgage meltdown and subsequent financial crisis we currently find ourselves in to this act that Gramm sponsored.
2) The Commodity Futures and Modernization Act of 2000 & "The Enron Loophole": Gramm co-sponsored this bill, which involves a dispute between two government agencies, the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Both agencies wanted jurisdiction over financial instruments called "single stock futures contracts". These instruments were banned for a while because of the dispute, but were allowed to be traded after the passing of this Act. Embedded into this legislation was something called the "Enron loophole", a term coined because it was drafted by Enron lobbyists working with Phil Gramm. The result: energy trading was exempt from regulatory oversight. With this, Enron Corporation was able to game the system, wreck the California electricity market and...well, you know the rest.
This is just the tip of the iceberg with a man many believe is directly, or indirectly responsible for the recession that is surely upon us. For an in-depth look into the shady, conflict of interest-ridden mess that is Phil Gramm, please check out the following article: Foreclosure Phil
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