Why are they not blaming Gramm/McCain for the deregulation leading to foreclosures.

[dogindia]

This info has been off the radar for over a month. But with the Lehman failure and maybe WaMu and gosh Merrill? And the Palin sham. It seems time to bring Phil Gramm role and McCain connection back up.
http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

[mrJJ]

1. McCain & the GOP Scewed America

McCain & the GOP Scewed America

Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
...
Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".

100's Of Banks WILL FAIL. The FDIC DOES NOT have enough liquid funds to cover the insured depositors. Of course the FDIC will go to the FED and get the needed money. Those funds Will NOT show up on the books as a deficit. The taxpayer gets screwed again.

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

[Abugface]

2. Pil Gramm ...

... should be an election issue. He is a one of the worst puppets of the banking and financial interests. There is also plenty in his history to go after. There is no reason not to have some tough ads about Gramm's "Americans whining" remarks, his wife's ties to Enron, and much more. Gramm is one the worst examples of how the corporate welfare state has and does control government. Phil Gramm is low hanging fruit for either Obama or the 527s to go after.

[Waiting For Everyman]

4. Agree. Why let it go? Gramm's a hub of the problem.

And the whining thing was a gift.

[Warpy]

3. If Magoo and bible Barbie are cheated into office

you can expect Phil Gramm to be the one who actually runs the country. You are right that he needs to be outed for all his crimes against this country. This country depends on keeping the two fronts out of office so this scumbag will be relegated to grumpy retirement.

Remember, the GOPs like them stupid so they can have the unsympathetic looking pudgy white thieves run things from behind the curtain. In this administration, it's Cheney. In a Gidget and the Geezer administration, it will be Phil Gramm.

Be afraid. Be very afraid.

[SammyWinstonJack]

5. What a snake Gramm is and his wife too! I guess she didn't get wiped out by Enron?

Like so many others did. :silly:

[sharesunited]

6. Great idea! Also involvement in Keating Five and the S&L collapse.

It really wouldn't take much to persuade undecideds that McCain is crook, and a mentally unstable one to boot.

[Abugface]

7. Phil Gramm

is an example of the worst in government and politics. He was a puppet of the banks, financial institutions and credit card companies. He never saw a anti-consumer pro-banking piece of legislation that he didn't have an orgasm over. His wife was on Enron's board of directors.

Plenty more about Phil and Wendy Gramm :

http://firedoglake.com/2008/05/28/mccains-cronies-handling-gramms-enronubs-baggage/

[libodem]

8. Why is it always the good stuff like this

flys under the radar and then fades from our minds in a week. This needs to stay alive and grow legs.