Posted on 03/24/2016 5:32:13 AM PDT by Citizen Zed
Gramm left a long record as a dedicated financial deregulator on Capitol Hill, with much of his effort aimed at freeing up trading in derivatives. That's why he's often identified as one of the godfathers of the 2008 financial crisis, which was spurred in part by banks' imprudent trading and investing in these extremely complex financial instruments.
Gramm's previous stint as a presidential campaign advisor ended inauspiciously. That was in 2008, when he served as co-chairman of John McCain's presidential run.
Gramm's most notable moment in that position came on July 10, 2008, when he dismissed the developing economic crisis as "a mental recession" in an interview -- and video -- released by the conservative Washington Times. "We've never been more dominant," he said. "We've never had more natural advantages than we have today. We've sort of become a nation of whiners." McCain immediately disavowed the remarks, and a few days later Gramm stepped down as his campaign co-chairman.
(Excerpt) Read more at latimes.com ...
The only way Cruz is going to beat Hillary is to name her as his VP.
did this former Cruz supporter make the correct decision, or what
Gramm: The Senator from Enron.
So you’re siding with McCain on an economics issue? LOL
The big wet kiss to Goldman Sachs.
Cruz is so stupid Democrats will now win 50 States.
“The only way Cruz is going to beat Hillary is to name her as his VP.”
He might run as her VP after he eliminates himself as our candidate.
I was a Cruz supporter. Beck, Bush, Romney, Phil Graham?, Goldman Sachs.... I’m out.
2008 Nobel Laureate in Economics Paul Krugman, a supporter of Barack Obama and former President Bill Clinton, described Gramm during the 2008 presidential race as "the high priest of deregulation," and has listed him as the number two person responsible for the economic crisis of 2008 behind only Alan Greenspan.
Seems that you and Krugman agree. Hmmmmm.
Phil Gramm was one of fathers of the flat tax from 1996:
http://articles.latimes.com/1996-01-17/news/mn-25497_1_flat-tax
[quote]WASHINGTON — Seeking to identify himself as the rightful heir to the “Reagan revolution,” Texas Sen. Phil Gramm will propose today a 16% flat tax and reductions in federal spending that would reduce the government to its smallest share of the economy since the Korean War.
Gramm’s proposals are embedded in a sweeping economic agenda that also promises to slash government regulation, eliminate the inheritance tax, expand the North American free trade zone throughout South America and begin paying down the national debt.
And Gramm would impose what he calls “a spending pause” after achieving a balanced budget—a fiscal restraint he said could lead to further deep cuts in most federal programs.
Taken together, Gramm’s plan constitutes a dramatic attempt to reestablish himself as the Republican presidential candidate most committed to reducing the size and scope of the federal government—and to seize back the spotlight that publishing magnate Steve Forbes has attracted through his relentless advocacy of the flat tax.[/quote]
This movement works off the words of those who have been our biggest opponents for decades and trash our greatest and most consistent allies. That’s when I got off the Trump bus. There’s no logic. Only emotion. Facts are silly things that now must be ignored.
*Ahem*
“When your enemy is busily cutting his own throat...
Do nothing!”
*Murphy’s Third Law of Combat*
And this decision of Cruz’s was made at the behest of which Establishment GOP member?
And I hope the anti-bush folks don’t forget to boycott all of the big bush supports like Home Depot, K=mark, Lowes and other places that sell bushes. Those are just vegan bushes waiting to take over the government and our homes.
What an ignorant and lying sack of sh*t the Los Angeles Times is.
Bill Clinton caused the 2008 financial crises, and here they are trying to blame it on Phil Gramm.
No you @$$holes, it wasn't Phil Gramm, it was Bill F***ing Clinton that caused the 2008 financial disaster.
Very bad move by Cruz. Gramm was instrumental in deregulating credit default swaps and that blew up in our faces in 2008. And he is married to a lobbyist wife. A poster boy of what is wrong with DC and the GOPe.
Same old same old. speaking of old, how old is Phil and aren’t there any “new” people for is Ted totally bringing back the old GOPe band?
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