Phil Gramm: Thanks for the Subprime Meltdown, Dude!

It took me lots of digging and puzzling it out to connect the dots: Glass-Steagall 1933′s repeal leads to Gramm-Leach-Bliley 1999, which leads to former Senator Phil Gramm as economic advisor to Senator John McCain’s presidential campaign.

Basically, a law that kept commercial banks separate from investment firms (Glass-Steagall) was repealed and replaced with a law that enabled both banks and investment firms to offer “financial services” (Gramm-Leach-Bliley)–and this gave us an economic climate ripe for sketchy mortgage backed securities and other iffy investments that recently necessitated a $30 billion credit line from the Federal Reserve to Bear Stearns. A credit line of taxpayer money. You. Me. Wallet opening, dollar bills fluttering out and flying away, never to be seen again.

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Phil Gramm stood by John McCain in his worst days last summer when his campaign went broke and his candidacy was all but written off by political observers.
Photo: AP–caption and photo courtesy of Politico

Now the Gramm-Leach-Bliley Act of 1999 isn’t the *only* reason we have the mess we have. But it’s a large reason. And it was signed into law by then-President Bill Clinton.

Politico has more on the Gramm/McCain relationship: “McCain Guru Linked to Subprime Crisis”.

So if you vote for John “I’m Kinda Fuzzy on the Economy Thingamajingy” McCain, you’ll probably be getting more Phil Gramm economic policies. Can we put this vampire Gramm to rest, for once and for all, before our economy is totally sucked dry? I mean, the subprime meltdown with its misery-inducing, credit-wrecking foreclosures and bankruptcies (and abandoned pets) was enough, thanks. No more of your genius wealth-redistribution policies from bottom to top, please.

Otherwise, it’s tent cities and soup lines, everyone.

Cross-posted at MOMocrats.

6 thoughts on “Phil Gramm: Thanks for the Subprime Meltdown, Dude!

  1. phil gramm. let me count the ways… years ago, i worked with his ex-wife, who is actually a nice person. but i am not a fan of her former spouse.

    i concur. in a big, fat way.

  2. Wait, you worked with Wendy Lee Gramm? I’m confused, I thought Phil Gramm was only married once.

    It’s interesting to hear that Wendy Lee Gramm may be nice, if that’s who you’re referring to. Call me mean and petty, but I have a special place in hell reserved for conservative Asian Americans, and Wendy Lee Gramm is right in there with S.I. Hayakawa and a bunch of other people. So of course I imagine her with horns growing out of her head.

    But most of all I loathe fellas like Gramm.

  3. The bombast coming off that article almost cleared the room; my favorite quote was “His motto is simple: ‘There’s only one speed on my motor — and that’s all out.’”

    All out…of gas! Bwahahahahahahhhaa!

    So why did WLG marry him when her first reaction to him was “Oh, yuck”? Nosy people want to know.

  4. oh, and the NYT article is incorrect: first wife is named sharon, not sherry. not that that matters much. and she has a different last name now, but i won’t write it here :-)

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