McCain Guru linked to subprime crisis

[AKing]

Source: Politico.com

McCain guru linked to subprime crisis
By: Lisa Lerer
March 30, 2008 02:54 PM EST

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.


Read more: http://www.politico.com/news/stories/0308/9246.html

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This is the guy McCain has on the short list for treasury secretary

[lovuian]

1. Gramm was part of the Enron Mess too

he is corrupt as hell

[Warpy]

2. Phil Gramm is the man I hold most responsible for allowing 9/11

to happen. Clinton had proposed tightening offshore banking regulations which would have had the effect of closing off a lot of money laundering conduits as well as the conduits that funded the 9/11 hijackers.

Gramm called the idea "fascist" and wouldn't let the bill out of committee. He was protecting Texas tax cheats as well as his favorite corporation, Enron, that used those conduits to launder money.

Phil Gramm is one of the worst enemies the American people have ever had.

[MH1]

3. Interesting history.

John Kerry had also written a book, The New War, published in 1997 iirc, that discusses the importance of financial conduits to international crime organizations, and the need to shut them down.

[bluestateguy]

4. We'll need to remember that for a confirmation hearing

nt

[Baby Snooks]

7. No doubt one of the "unidicted co-conspirators"

The Justice Department never looked into all of the 2,000 plus partnerships that were set up within the corporate structure of Enron and probably came up with the curious "unindicted co-conspirators" designation just in case anyone ever did. And Phil Gramm was probably one of many of the "unindicted co-conspirators" including the Bushes who did quite well off Enron's "money laundering" partnerships.

There were people who invested $25,000 or so with the Fastows and walked away in some cases with almost $1,000,000. And were allowed to keep the money. Who knows what people like Phil Gramm invested in the other partnerships and also were allowed to keep.

And of course his wife was on the Enron board as well as on the board of the Commodity Futures Trading Commission that of course put in new rules that of course benefitted Enron.

The mystery of course is why the Bushes allowed Enron to go under instead of ensuring it was bailed out and no doubt it has to do with the agenda so to speak. No doubt the Bush Buddies are picking up the remnants at ten cents on the dollar. A pipeline here. A pipeline there.

And eventually the pipeline in Afghanistan will be put in. No doubt by Halliburton instead of Enron.

[HowHasItComeToThis]

5. REPUBLCAN ASSAULT ON AMERICA NEVER STOPS.

IT IS DEMOCRACY OR LAISSE-FAIRE CAPIALISM

[sharesunited]

6. Careful. Bill signed the repeal of Glass-Steagall.

[Doctor_J]

8. McSame is writing so many ads for us we won't need any of our own writers

All of the messes we are in are due to the same small cabal of wingers, and they're all part of McSame's team.

[dysfunctional press]

9. Barack needs to call for strict RE-regulation of at least certain sectors of the banking industry...

if not the whole enchilada...

and then tie THIS fiasco to the S&L fiasco/bailout/THEFT, and tie the whole works around mccain's neck, push him off a bridge, and see if he floats.