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.


namastenancy said...

Let's hope that Team Obama can turn the number around. The latest polls up at are depressing. I don't expect miracles; if he does win, he's got the whole Agean stables and then some to clean out but he's smart, he's progressive and he's not determined (as are McCain, and his cronies) to sell us into slavery. In fact, I think that McCain should be nicknamed Cain for what he and his "advisors" are planing to do --- and not do. I have never given serious consideration to leaving the US but if the election is ripped off by the same illegal means as the last two, I am going to rethink my views.

Karen Zipdrive said...

That slimeball Gramm was esentially sent to the naughty corner for a few days after his "nation of whiners" crack.
Then once the smoke blew over, he was right back whispering economic advice in McCain's "good ear."
Like McCain, he's a disaster waiting to happen.
And he's anything but a maverick.

dguzman said...

Thank you for pulling this little tidbit out of the shitstorm, because I remember thinking even back when I was a political newbie in 1999, "this is NOT a good idea." I'm sure his wifey's sitting on the Enron board had NOTHING to do with it, either!