Monday, September 15, 2008
Who's to blame?
People are looking for scapegoats after today's financial meltdown, which may very well have ripple effects. Some are blaming Treasury Secretary Henry Paulson, some the Bush administration's lack of caring about regulation, but let's not forget Phil Gramm, who in 1999 did the necessary leg work to gut the Depression era Glass-Steagal Act, which put proper oversight in place to make sure the banks would not become the kinds of trusts which stole the country blind in the 19th Century and early 20th Century.
Gramm was sent to the woodshed for calling us a "nation of whiners" when we worried and rightly so about the shape of the economy, but don't kid yourself. He's still the main economic guy on Team McCain, and his corruption knows no bounds.
Just like the Bush administration, team McCain would make our country weaker in a dozen different ways.