When the Presidential Candidate who doesn't remember how many homes he owns, again reiterated how strong our economy is (Progress), each day reports economic chaos.
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As Wall Street collapses, McCain declares that ‘the fundamentals of our economy are strong.’
Speaking in Florida this morning — the very day that two of Wall Street’s major banking institutions collapsed — Sen. John McCain (R-AZ) declared he “still” believes “the fundamentals of our economy are strong.”
As Wall Street collapses, McCain declares that ‘the fundamentals of our economy are strong.’
Speaking in Florida this morning — the very day that two of Wall Street’s major banking institutions collapsed — Sen. John McCain (R-AZ) declared he “still” believes “the fundamentals of our economy are strong.”
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Though McCain noted that “these are very, very difficult times,” he seemed oblivious to today’s evidence of the crumbling foundations of the economy, with the Dow Jones industrial average dropping 300 points in the first 15 minutes of trading this morning. Yesterday, former Fed chief Alan Greenspan said this economy is the worst he has ever seen.
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Progress has presented those who advise Senator McCain on economic policy, among them is Phil Gramm:
Progress has presented those who advise Senator McCain on economic policy, among them is Phil Gramm:
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THE 'ECON BRAIN,' PHIL GRAMM: Former senator Phil Gramm is known as McCain's "Econ Brain." Recently, he has called America "a nation of whiners" who are in a "mental recession." While in the Senate, he was behind the Commodity Futures Modernization Act and the Gramm-Leach-Bliley Act. The former made legal "the mortgage swaps distancing the originator of the loan from the ultimate collector," while the latter "destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies." As The Nation wrote, "those two acts effectively ended significant regulation of the financial community." After leaving Congress, Gramm worked for the Swiss bank UBS. Politico reported that while at UBS, "Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006. During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages." McCain has also voted against discouraging predatory lending practices.
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Charlie Rose has been offering round tables of financial experts worth watching.
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Charlie Rose has been offering round tables of financial experts worth watching.
1 comment:
We were undecided but this made us do more investigation online. There were qualified Republican candidates we would have voted for without serious doubts. This isn't the Republican Party any longer. We're registered Republicans voting for Obama.
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