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McCain's chief economic adviser Phil Gramm is the man most responsible for the repeal of banking regulations that have led directly to today's economic turmoil

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Phil Gramm, who is co-chair of McCain’s campaign, is not just another lobbyist. He is the man most responsible for the repeal of Depression-era banking regulations that have led directly and inextricably to much of today’s economic turmoil, and parlayed that classic example of legislative legerdemain into a lucrative lobbying career for the very people who scratched the smug Texan’s back — as well as McCain’s — on Capitol Hill. Gramm was the biggest of the big guns behind the 1999 repeal of the banking regulations — the Gramm-Leach-Bliley Act — which was officially called The Financial Services Modernization Act. (Don’t you just love the name!) Passage of the law was greased with an astonishing $300 million in lobbying money, and it encountered little opposition other than from those ...

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