Thursday, July 10, 2008

Foreclosure Phil (Gramm) Advising McCain on How to Bring Disaster Capitalism Ruination to the Rest of the Economy

[Update: It seems Foreclosure Phil (Gramm) has gotten himself into trouble today. McCain is trying to distance himself from his chief economic adviser (the one whom McCain blindly thinks is the best economist in the world). Gramm claimed that we are in a "mental recession" and we have a "Nation of Whiners." Yep, it's all in our heads that Phil Gramm singularly sold us down the river. (See below.) The question is how do the media let McCain get away with distancing himself from one of his very top advisers? And when will they hold McCain et al accountable for the mess they have made and the mess they propose to?]

David Corn and Nomi Prins appeared on Democracy Now to discuss the sub-prime mortgage crisis. In particular, learn of the stealth attack on the safety of our mortgage industry by Phil Gramm, who slipped hundreds of pages into a massive deregulation bill behind legislators' backs. The holes these pages opened up allowed the current bank and mortgage company failures and all the subsequent fallout.

Thus ensued massive gaming of home mortgages. Few rules, wild speculation, and massive corruption brought down the housing market. That's not an Rx for America's economy. Read the David Corn article here.

Gramm and the sorry lot of predators who've helped disable the US economy should not lead the nations efforts to recover. They've had their chance and they've failed, miserably. The wonder is that Gramm has the nerve to resurface. Phil Gram has been discredited. And no doctorate can save him from the humiliation he so richly deserves. The current mess is, above, all else (except Bush for whom the buck stops) Gramm's. Just say no to four more years of Gram-Bush-McCain "economics."