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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
This Link is located in the Public Channel Political Videos, Political Blogs, Political News.
Posted by ian 1 year 215 days ago (themoderatevoice.com).  Views: 625
Tags: john mccain  housing bubble
Related Tags: credit crisis  gold  wall street  economics  peter schiff  inflation  banks  
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 old-fashioned banks that actually insure your deposits, while receiving the enthusiastic blessing of the Bill and Hillary Clinton co-presidency. And you had better believe that the so hands-on First Lady was all for it.

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ian said
1 year 215 days ago
 
for more information listen to this fabulous interview with Michael Greenberger

In this highly educational interview, Mr. Greenberger discusses the Phil Gramm led repeal of Depression-era banking regulations:

http://www.npr.org/templates/story/story.php?storyId=89338743

"Perplexed by the U.S. economy? You're not alone. Law professor Michael Greenberger joins National Public Radio's Fresh Air to explain the sub-prime mortgage crisis, credit defaults, the shaky future of other types of loans and what we can expect from the U.S. financial markets. Greenberger is a professor at the University of Maryland School of Law and the director of the University's Center for Health and Homeland Security."

Click "Listen Now" near the top of the page.

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