Phil ‘Nation of Whiners’ Gramm Championed bill that led to collapse of AIG and major financial institutions on Wall Street
McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country’s financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.
That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.
McCain stumbled Monday when the financial crisis peaked, first saying the “fundamentals” of the economy were strong. After being hammered by Obama and the Democrats — “What economy is he talking about?” Obama asked — he said that he knows the economy is in crisis, but that the basis of the American economy, the American worker, is strong.
By Tuesday, McCain had retooled the message further, and tried to wrap the financial meltdown into his campaign’s greater message about changing “the way Washington does business.”
In the 1990s, he backed an unsuccessful effort to create a moratorium on all new government regulation. And in 1996, he was one of only five senators to oppose a comprehensive telecommunications act, saying it did not go far enough in deregulating the industry.
GOVgap Editorial Note:
McCain Campaign will probably claim ‘Phil’ meant to destroy Wall Street to test his ‘Nation of Whiners’ theory.
Idea for the McCain Campaign
cc: Tucker Bounds
Did he say ‘Whiners?’- He meant ‘Winners’… Nation of ‘Winners’ –