Friday, September 19, 2008

credit/economy mess

The current credit/economy mess can be traced back to ex-Texas Sen. Phil Gramm, who on Dec. 15, 2000, hours before Congress was to leave for Christmas recess, had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors.
That is the same Phil Gramm that was the former economic advisor to John McCain. 'Nuff said....

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