Wednesday :: Jun 4, 2008

Open Thread

by Mary

Well, it turns out that John McCain doesn't know much about economics, but he does have some fancy economics gurus on his team. And it seems that his main fancy guru should be named father of the world economic catastrophe. Indeed, former Senator Phil Gramm seems to have been the midwife of the subprime crisis as he slipped in just a small change (just 262 pages amending a Christmas appropriations bill) which has spawned the shadow banking system which has no regulations but does have the implicit promise from the Fed that they're too big to fail. Phil Gramm hates government unless it is doing its best to help corporations rip off citizens. Gramm helped Enron fleece the public and then created the economic environment the allowed fraudsters to separate money from their marks. Why should one worry about his closeness to McCain?

Your turn now.

Mary :: 12:09 AM :: Comments (16) :: Digg It!