McCain's advisor created financial crisis

Discussion in 'Congress' started by Chris, Sep 16, 2008.

  1. Chris
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    Chris Gold Member

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    Democrats and their allies attempted to tie Wall Street's growing financial crisis to the policies advocated by John McCain's former senior adviser.

    The critics are pointing to a 1999 law co-sponsored by then-Sen. Phil Gramm (R-Texas) and that paved the way for consolidation between commercial and investment banks.

    "The system of regulation of these integrated banks has failed, and it is clear that much stronger firewalls are needed," AFL-CIO President John Sweeney said of the so-called Gramm-Leach-Bliley Act.

    Senate Majority Leader Harry Reid (D-Nev.) picked up on that line during a scathing floor speech Tuesday morning that compared Sen. McCain's (R-Ariz.) approach to the economy with that of the Hoover administration. In his speech, Reid blasted the Republican candidate's decision to choose Gramm as a top economic adviser.

    "The same Phil Gramm who, as a senator, was responsible for deregulation in the financial services industries that paved the way for much of this crisis to occur," Reid said. “It was Phil Gramm who pushed legislation through a Republican Senate that allowed firms like Enron to avoid regulation and destroy the life savings of its employees, and it was Phil Gramm’s legislation that now allows Wall Street traders to bid up the price of oil, leaving us to pay the bill."

    Gramm served as McCain's chief economic adviser until July when he resigned after saying the country is in a "mental recession" and has "sort of become a nation of whiners."

    TheHill.com - Dems tie Wall Street woes to Phil Gramm
     
  2. dilloduck
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    dilloduck Diamond Member

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    Republicans = Bad We know Kirk
     
  3. jreeves
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    jreeves Senior Member

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    Hackjob...
    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

    http://mccain.senate.gov/public/ind...0-4253-b2ec-8d9fbcaff20c&Region_id=&Issue_id=
    This was Mccain himself sounding an alarm about the financial markets.....

    When did Obama weigh in on the subject?
     
  4. CrimsonWhite
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    CrimsonWhite *****istrator Emeritus Supporting Member

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    Imagine that. Democrats blaming shit on Republicans. Great find Kirk. :cuckoo:
     
  5. Chris
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    Chris Gold Member

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    Reagan deregulated the Savings and Loans and that caused the crisis in the 1980's. McCain lobbied for Charles Keating who's Savings and Loan failed because he stole millions of dollars from it. Now McCain's financial advisor was the one that wrote the bill that deregulated financial institutions in the 1990's, so McCain was involved in both the financial crisis in the 80's and today.

    Johnnie, you're doing a heckuva job!
     
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  6. CrimsonWhite
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    CrimsonWhite *****istrator Emeritus Supporting Member

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    Yep, he did it all by himself, while Obama was what? Oh yeah, smokin' dope and organizing his community.
     
  7. del
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    del BANNED

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    he went to church, too.
    ;)
     
  8. Chris
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    Chris Gold Member

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  9. del
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    del BANNED

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    and the ice caps are melting, and, and, and, guns are bad!!!!!!!!!!

    lol
     
  10. jreeves
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    jreeves Senior Member

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    LOL....notice how he completely ignored Mccain's 2006 comment about the impending financial crisis and what a failure to act could cause?....He's a spambot....
     
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