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  • Posted By: Nins @ 07/11/2008 11:35:26 AM

    Know why McCain wants to distance himself from former Senator Phil Gramm? It is not just because of Gramm's recent obnoxious remarks calling Americans "a nation of whiners" and that unemployed Americans are in "a mental recession." In fact, those remarks were so obnoxious that I wonder if they were engineered just to provide McCain an excuse for publicly distancing himself from Gramm. This issue is a lot deeper than it looks on the surface.

    When Gramm was a Senator he was chair of the Committee on Banking, and in that capacity he was able to push through the legislation now known as the "Enron Loophole." This loophole allowed US investment banks to bypass the Federal regulations governing futures trading, and is the reason why the investment banks were able to falsely inflate the prices of oil, wheat, corn and other commodities through massive futures trading, causing your costs of gas, heating oil and food to go through the roof.

    Gramm was a member of McCain's campaign team, but now Gramms' name is turning to mud. In addition to the Enron loophole, Gramm pushed through the Gramm-Leach-Biley Act in 1999, which got rid of the laws that seperate banking, insurance and brokerage activities in America. Essentially, this Act did away with all of the good laws written after the Great Depression to protect us from another Wall Street/Banking Industry collapse. That's right, Gramm stripped the system of it's safe guards nine years ago, and guess what? The value of the dollar has nose-dived, three major economic institutions have failed, Wall Street is highly unstable, and we are in the midst of a worsening recession.

    Now you could say that this is not Gramm's fault, that he didn't know what the outcome of his actions would be. However, it turns out that the same investment banks that benefited from the Enron loophole and from the Gramm Act gave more than a million dollars to Gramm's campaign. Uh oh. A Congressional hearing is going to be convened to investigate this. And McCain wants to have noting to do with Gramm, wants us to forget that Gramm has been a key player on McCain's campaign team. Gramm was McCain's campaign CO-CHAIR and LEADING ECONOMIC ADVISER. Previously, McCain had said that he planned to appoint Gramm as SECRETARY OF THE TREASURY. It looks like McCain is scratching that idea, now that the public is finding out about Gramm. Didn't McCain's team bother to find out about Gramm before publicly considering him as Secretary of the Treasury?

    With Gramm in the driver's seat as McCain's leading economic adviser, now you know why economists and analysts are saying that McCain's economic policy plans are untenable.

    • Posted By: SPORTLOCK09 @ 07/11/2008 12:20:38 PM

      Copy / Paste / Copy / Paste

    • Posted By: sjpersonal @ 07/11/2008 12:17:28 PM

      Hi Nins,

      I guess Gramm is on Obama's payroll also. It seems everytime something negative comes out about a politician, some of our "MORE INSIGHTFUL LOL" bloggers post that nonsense.

      This is just more of the McSame!. Hoping you are having a pleasant day.

  • Posted By: markus1976 @ 07/11/2008 12:18:13 PM

    what really blows me away is the random Republican I hear saying "Gramm's Right!" I'd love to know what alternate universe these people live in. Perhaps gas isn't $4 for them, food costs are not rising for them, they aren't losing money in their 401Ks or IRAs. Not to mention the HUGE national debt.

    Perhaps we ARE imagining all these things! Maybe it is all in my head that it costs $45 to fill my 4 cylinder tank. Maybe I'm dreaming that I'm struggling to make ends meet...

    Of course, we're supposed to just be happy about all of this. Any dissent, and we're whining. WTH!?

    Don't worry, McCain/Gramm/Lieberman/Romney, etc...
    you'll REALLY hear me whining at the polls in November.

  • Posted By: vakosh @ 07/11/2008 12:17:26 PM

    yawn, yawn, yawn .... these are the two most boring candidates ever. The constant news about these two makes me want to crawl back into bed and sleep for eight years. They are both so completely and sickeningly BORING.

  • Posted By: SAGG @ 07/11/2008 9:35:06 AM

    Posted By: finemanblows @ 07/11/2008 9:16:01 AM
    Comment: Gramm right. Fineman wrong. Our economy is not at its best right now but its certainly not in a recession. Some sectors may be, like the old media. Tracking their readers/viewers/ad revenues/etc. is the science of downward sloping graphs. Maybe its for that reason or the MSM's unhinged hatred for GWB, but whatever it is, the MSM is driving down consumer confidence. It's always negative. Even Fineman says maybe we just don't know if we're in a recession. Puh-lease.

    The standard of living in America is greater than it has ever been; for rich and poor. Gramm was dead-on right. America is full of a bunch of whiners. And Fineman is one of the loudest.

    I'm not so sure that this "gaffe" won't help McCain.
    *********************************************************************************************************************
    Obviously, I think you're as dellusional as the suffering people Gramm has said that are hurting from this economy. The only way it'll help McCain if people truly are dellusional, and vote for him despite what Gramm said.

    • Posted By: j.n @ 07/11/2008 12:15:04 PM

      For people that do not think for themsevesf,this will help McCain,his supporters do not seem capable of thinking for themselves,

  • Posted By: mrunpc @ 07/11/2008 9:39:07 AM

    TO: summer4077,

    Man, you left over hippie types are still as clueless as ever, aren't you? Ever hear of 9/11? THEY came for US, flower brain and if you think they were ready to just hang it up after that, guess again. And, the REASON we have to depend on foreign oil is due to the fact that you and you're flower power friends who want to "save the planet" from ourselves (how DUMB is that), have managed to PREVENT drilling our OWN oil and creating new refineries for the last 30 years.

    YOU may ride your little bicycle down to the welfare office to collect you gov't handouts, but most REAL Americans don't. If you're so miserable here, I have a list of countries that I'm sure you'll be MUCH happier in, starting with N. Korea, Iran, Syria, and Red China.

    • Posted By: j.n @ 07/11/2008 12:09:24 PM

      You are correct,they came for us ,but not from another country,if you think that kerosene destroyed those buildings I can understand the reason for your statement.

    • Posted By: summer4077 @ 07/11/2008 10:58:43 AM

      Uh, what? Your comment makes no sense against mine. 9/11 has nothing to do with Americans not having the drive to provide a good life for themselves through hard work. Hippie views? How is wanting people to achieve success through hard work and education being a hippie? Or did you just zero in on my "we need to develop greener alternatives and not drill" as being hippie? Um, that's something pretty much EVERYONE agrees with, either long term or short term. I'm 26. I'm not a leftover hippie, I'm part of the new generation that will be running this country in 10-20 years, and hopefully your antiquated ideas will be thought of as laughable old hat by senile old grandparents.
      Also, did you READ my post? Decrying welfare? I'm not riding my bicycle to the welfare office, or anywhere else. I'm driving my fuel-efficient small sedan (in a car pool of 4, no less) to my well-paying, hard earned job. So whine away, and believe that the reason we're in the situation we're in is because of big bad N. Korea, Iran, Syria, and Red China (who, BTW, is going to be kicking our butts in the global economy shortly if we don't keep up). Read up on global issues and economies and then maybe post an intelligent retort.

  • Posted By: paul962 @ 07/11/2008 11:58:29 AM

    After the greatest wealth transference in modern world history under Bush & Company the last thing that makes any sense is to have one of these shills of greater wealth for the wealthy out front.
    Stupid is as stupid does.

  • Posted By: abadreview @ 07/11/2008 11:35:53 AM

    The only people who don't notice that we are in the beginning stages of a recession, are the rich Republicans who don't have to worry about how they're going to fill the tank, or how they're going to buy groceries. The McCain campaign is about as out-of-touch with average Americans as is humanly possible.
    I'd like to say thank you to Gramm for putting the final nail in McCains coffin. This thing is over. Obama may be less experienced, but he's smart enough to talk to the American people in a respectful manner. This election will be an Obama landslide victory. Even Limbaugh knows it (when he's sober).

  • Posted By: ecoscience @ 07/11/2008 11:31:29 AM

    This article hits the nail on the head. McCain's own campaign is killing him. His staffers, his advisors, so many of them are so NOT like McCain. McCain is so much better than Obama, but can he beat both his own staff and the Democratic candidate?

  • Posted By: Texan99 @ 07/11/2008 11:24:15 AM

    The article admits we're not in a recession, then takes Gramm to task for daring to say so. There certainly are some painful market dislocations. No one expected high gas prices to be popular. But who would elect a Democrat to cure high gas prices? Who impedes drilling? It ain't Republican! No one likes to see a lot of people who bought more house than they could possibly afford now facing foreclosure. But what do you want to do? Pay higher taxes to bail them out? Who's going to help with your mortgage? Can we all get into bigger mortgages than we can afford, then have the government bail us out? Where do you think the money comes from?

  • Posted By: pqowie12345 @ 07/11/2008 11:16:42 AM

    Good balanced story. NOT. Why are you not talking about buttcrack obama stating we should all learn spanish. #$@% that, I am not learning some third world language for that elite @#%#$

  • Posted By: billireland @ 07/11/2008 11:05:37 AM

    Senator Gramm was absolutely right: We aren't in a recession, except in the minds of doomsayers, and we have become a nation of whiners--especially about our nonexistent "recession."

    Gramm's mistake was to forget some cardinal rules of politics: always pander to voters, encourage their ignorance, and blame others for their misfortunes. The result is a nation not just of whiners, but spoiled infants.

    .

  • Posted By: jerjer @ 07/11/2008 11:00:27 AM

    Uncle Phil's comments mean as much to me as Dr Phil's. It certainly opened up a topic for discussion. Actually I think the topic is economic class tensions ,some might call it class warfare, although I am not aware of any actual direct fatalaties so I woulldn't. It is really difficult to put into historic context how one is feeling at the moment if your anxiety is rising over the future and you don't know what to do about that. Sure the media has a role in us being hyper about our individual anxieties. Example: out children (and ourselves) have never been more vulnerable to danger from all sides, disease, crime, economic insecurity, predators, and of course any number of neurosis caused by external influences. Of course this is a load of horse radish, but spend enough time focused on the news and you would never know that. So hows about we all take a deep breath, stop thinking in polarized terms and try to make some decisions based on a balance between our individual desires and those of others. Neither candidate is going to save the world. I am not going to save the world. You aren't either. Let's talk about issues.

  • Posted By: Flant @ 07/11/2008 10:53:55 AM

    If you listen to Limbaugh and Hannity you will understand very quickly who whines all day long. Conservative talking heads have been whining for years. Phil Gramm obviosuly has been listening to Limbaugh and Hannity too much. He needs to switch the dial and get out into the world more often to experience what the rest of us already know.

  • Posted By: holmantx @ 07/11/2008 10:52:40 AM

    What's the difference between Graham's derision of the American people and Obama's?

  • Posted By: Flant @ 07/11/2008 10:52:39 AM

    If you listen to Limbaugh and Hannity you will understand very quickly who whines all day long. Conservative talking heads have been whining for years. Phil Gramm obviosuly has been listening to Limbaugh and Hannity too much.

  • Posted By: mhopgood123 @ 07/11/2008 10:50:52 AM

    This is why I hate conservative republicans. They think the poverty and lack of opportunities for a segment of the American population is in their heads. This is why the GOP is out of touch with mainstream AMerica, this is why they will lose in November.

  • Posted By: Newsweekbhg @ 07/11/2008 10:49:46 AM

    I NEED SOME HELP HERE!!

    Dont know which financial company I should short now. Im afraid if I try to short one in the stock market the government might step in and help these whinning companies out. Any of you Gramm and McCain fans have any idea?

  • Posted By: billinvirginia @ 07/11/2008 10:47:30 AM

    The problem is that Gramms is right. We're not in a recession. Recessions are cyclical. We're in the midst of a permanent shift of wealth away from the United States and to other, more dynamic countries. It's partly the result of terrible government policies, but mostly because Americans have become motivated by greed and sloth, and are unwilling to think through the consequences of their actions. That's true at all levels, dems and repubs, wall street to main street.

  • Posted By: billinvirginia @ 07/11/2008 10:44:47 AM

    The strange thing is that Gramm is right. We're not in a recession. Recessions are cyclical. We're in something far more significant. We're in the midst of a permanent change in the permanent distribution of real wealth in the world. (Note that -- over the last few months -- overseas stock markets have not suffered nearly as much as ours. It's a flood of wealth out of the United States and into the BRIC countries and others that is happening partly because of a failure of government, but mostly because we've become at all levels a nation of greed, sloth, and willful ignorance about the world. Unfortunately, I don't think that's going to change. Our children -- except for a fortunate few -- are going to live far worse than we did, and their children worse still.

  • Posted By: olderwiser @ 07/11/2008 10:43:53 AM

    Yes, Mc Cain has friends. He always introduces his points with, "My friends", along with a smile that says, "not my friends". You have to guess which one you are as he goes on.

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