McCain's advisor created financial crisis

[Chris]

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

 

[dilloduck]

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

Republicans = Bad We know Kirk

 

[jreeves]

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

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?

 

[CrimsonWhite]

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

Imagine that. Democrats blaming shit on Republicans. Great find Kirk.

 

[Chris]

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!

 

[CrimsonWhite]

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!

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

 

[del]

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

he went to church, too.

 

[Chris]

Reagan and Bush created 90% of the National Debt as well....

ReaganBushDebt.org

 

[del]

Reagan and Bush created 90% of the National Debt as well....

ReaganBushDebt.org

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

lol

 

[jreeves]

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

lol

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....

 

[Chris]

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....

The crisis created by McCain's financial advisor, Phil Gramm?

Yes, elect McCain, so he can clean up the mess he created.

 

[dilloduck]

The crisis created by McCain's financial advisor, Phil Gramm?

Yes, elect McCain, so he can clean up the mess he created.

sounds fair to me--like a punishment of sorts !

 

[Modbert]

he went to church, too.

If he went here, he could of done all three.

Marijuana and the Church of Reality - Pot is a Sacred Sacrament

There's one thing you can say about Pot though, the people smoking it are usually pretty peaceful.

 

[jreeves]

The crisis created by McCain's financial advisor, Phil Gramm?

Yes, elect McCain, so he can clean up the mess he created.

He didn't create it. He co-sponsored legislation to head off the crisis but Congress failed to act.

 

[Chris]

sounds fair to me--like a punishment of sorts !

Good one!

 

[jreeves]

He didn't create it. He co-sponsored legislation to head off the crisis but Congress failed to act.

Congratulations Kirk, your VP selection was aided by the creators of the financial crisis.
James A. Johnson (businessman - Wikipedia, the free encyclopedia)
James A. Johnson is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection process for the presidential campaign of John Kerry. In the 2008 election, he is a member of the vice-presidential selection process for the presumptive Democratic nominee, Senator Barack Obama.
From 1991 to 1998, he served as chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae), the quasi-public organization that guarantees mortgages for millions of American homeowners. Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990).

 

[jschuck12001]

There were so many more people involved than just Fannie and Freddie. Saying something in 2006 like Mccain did was just pointing out the obvious. Anyone around the industry or watching it did see the first declines start in Oct of 2006. Your just seeing the worst of it now but its been getting bad for 2 years and NOBODY has decided to do anything about it. As for Obama having a relationship with Freddie and Fannie. I dont see the issue unless he knew they were corrupt. The problem here is you dont know if congress and the president are covering their asses by blaming everything on the lenders. The government set regulations on the lending practices and didnt enforce them and they made the ability to get a loan to easy. Congress had to set the standards because if they dont people will always take advantage of the consumer. Everyone in the government is responsible. Also, Mccain has some buddies too.

From the New York Times

John McCain’s connections to the two mortgage companies are more numerous. His campaign manager, Rick Davis, headed the Homeownership Alliance, an advocacy group for the two lenders. His close adviser, Charlie Black, is a long-time lobbyist whose firm represented Freddie Mac.

Two of McCain’s bundlers, supporters who help raise large amounts of money for the campaign, have ties to Fannie Mae. Robert H. Holt is a lobbyist for the firm, and Wayne Berman is managing director of Ogilvy Government Relations, which also represents the company.

A third McCain bundler, Geffrey T. Boisi, is a director of Freddie Mac.

Both Fannie Mae and Freddie Mac have spent millions on lobbying; they each number among Washington’s top 20 lobbying spenders.
Edit/Delete Message

 

[jreeves]

There were so many more people involved than just Fannie and Freddie. Saying something in 2006 like Mccain did was just pointing out the obvious. Anyone around the industry or watching it did see the first declines start in Oct of 2006. Your just seeing the worst of it now but its been getting bad for 2 years and NOBODY has decided to do anything about it. As for Obama having a relationship with Freddie and Fannie. I dont see the issue unless he knew they were corrupt. The problem here is you dont know if congress and the president are covering their asses by blaming everything on the lenders. The government set regulations on the lending practices and didnt enforce them and they made the ability to get a loan to easy. Congress had to set the standards because if they dont people will always take advantage of the consumer. Everyone in the government is responsible. Also, Mccain has some buddies too.

From the New York Times

John McCain’s connections to the two mortgage companies are more numerous. His campaign manager, Rick Davis, headed the Homeownership Alliance, an advocacy group for the two lenders. His close adviser, Charlie Black, is a long-time lobbyist whose firm represented Freddie Mac.

Two of McCain’s bundlers, supporters who help raise large amounts of money for the campaign, have ties to Fannie Mae. Robert H. Holt is a lobbyist for the firm, and Wayne Berman is managing director of Ogilvy Government Relations, which also represents the company.

A third McCain bundler, Geffrey T. Boisi, is a director of Freddie Mac.

Both Fannie Mae and Freddie Mac have spent millions on lobbying; they each number among Washington’s top 20 lobbying spenders.
Edit/Delete Message

Let's see the link to the NYtimes article...

 

[jschuck12001]

Let's see the link to the NYtimes article...

Here you go, your buddy Mccain was just as deep in the pockets of Fannie and Freddie as anyone. Please read the whole article, Mccains been in trouble for his actions earlier on in his political career..


http://www.nytimes.com/2008/09/10/us/politics/10fannie.html?_r=1&oref=slogin

 

[jreeves]

Here you go, your buddy Mccain was just as deep in the pockets of Fannie and Freddie as anyone. Please read the whole article, Mccains been in trouble for his actions earlier on in his political career..


http://www.nytimes.com/2008/09/10/us/politics/10fannie.html?_r=1&oref=slogin

Oh so lobbyist now equate to having the freaking vice chairman of the creator the crisis on your VP vetting committee? Are you kidding me...