McCain economic advisers come with baggage (specifically Phil Gramm)

[PA Democrat]

More to the point may be Mr. Gramm's aggressive efforts when he was chairman of the Senate Banking Committee to deregulate the banking and financial services industry. That culminated in passage in 1999 of a sweeping financial services law that tore down the Depression-era Glass-Steagall wall separating regulated commercial banks from largely unregulated investment banks. And little regulation was put in to replace it.

"We are here today to repeal Glass-Steagall, because we have learned that government is not the answer," Mr. Gramm declared at the time. " ... We have learned that we promote economic growth and we promote stability by having competition and freedom."

To many liberal economists, Mr. Gramm's efforts set the stage for the current crisis. Lending by noncommercial banks has soared, to about 70 percent of total lending. Investment banks, including Bear Stearns, grew too large to be allowed to fail. And, said James Galbraith, a University of Texas economist, investment banks helped create the exotic financial instruments that turned subprime mortgages into tradable securities.

"Phil Gramm's career was as the most aggressive advocate of every predatory and rapacious element that the financial sector has," Mr. Galbraith said. "He's a sorcerer's apprentice of instability and disaster in the financial system."

http://www.post-gazette.com/pg/08097/870634-176.stm

[jpak]

1. Phil Gramm is a class-A Asshole

He will destroy what's left of the US Economy - to benefit a few of his GOP buddies...

[PA Democrat]

2. The fact that McCain would choose Gramm tells me everything I need to know

about the kind of economic policy McCain would pursue. McCain isn't smart enough to know that Gramm is dangerous.

[0007]

3. .....and what Phil Gramm doesn't destroy his wife 'Windy will steal'