Liberalscum Buster

October 28, 2008

McCain has been just as intellectually lazy as a Senator as when he was in the bottom 1% of his class USNA.

Filed under: BARACK OBAMA, Bush, hillary clinton, John McCain, life, mideast, news, war — gasdocpol @ 4:49 pm

.
He was not even motivated to understand even banking regulation, a small subset of economics after the Keating Five Scandal.
Basically , the same banking regulation , the lack of which has caused the present money and capital markets disaster.

Phil Gramm, McCain’s longtime economics guru should have kept on teaching economics 101 instead of becoming a Senator.
He had the ability to speak about economics in simple terms in an interesting way. Unfortunately , he was also able to sell
conclusions that would be very appealing to fascists or greedy capitalists. his schtick was basically, Getting government
off the backs of business . What was needed was deregulation. as a result of this deregulation:

1. The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S&L crisis) was the failure of 2412
savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around
$560.1 billion, about $324.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer, either
directly or through charges on their savings and loan accounts[1]—which contributed to the large budget deficits of the early 1990s.
Although the deregulation of S&Ls (aka thrifts) gave them many of the capabilities of banks, it did not bring them under
the same regulations as banks, and the new legislation allowed them to enter new lending businesses with very little oversight.
Savings and loan associations could choose to be under either a state or a federal charter. Immediately after deregulation of the
federally chartered thrifts, the state-chartered thrifts rushed to become federally chartered, because of the advantages associated
with a federal charter.

2.
The couple, U.S. Sen. Phil Gramm (R-Texas) and his wife, Wendy Gramm, who serves on Enron’s board of directors, both know
Enron’s top executive, Kenneth Lay–and have benefited financially from their relationship with him.
Phil Gramm has collected more than $97,000 in campaign contributions from Enron.
Over recent years there has been a considerable drive by the private sector
to deregulate the energy industry in the name of “competition policy”.
s Government oversight and controls were lifted, the big corporations such
as Enron were left to do as they pleased and the public and other customers
were at their mercy. And they showed no mercy.

“As Enron took the lead in the deregulation movement, the company showered
millions of dollars on state and federal politicians in both parties whose
support was critical in forcing open the energy markets”. (New York
Times, 20-1-02)

3. Similarly deregulation resulted in abuses in oil futures trading and the mortgage meltdown.

GOVERNMENT OVERSIGHT HAS BEEN EQUATED WITH SOCIALISM AND MARXISM BY PEOPLE LIKE GRAMM..
PERSONNALLY, I THINK THAT MAYBE A LITTLE SOCIALISM IN THE FORM OF GOVERNMENT OVERSIGHT IS GOOD.
BECAUSE GRAMM WAS ABLE TO CONVINCE PEOPLE THAT GOVERNMENT OVERSIGHT IS BAD ,HE CREATED A PROBLEM
THAT WAS SO BAD THAT WE NOW NEED TO DO SOME DUMB SOCIALISM,NAMELY BAILING OUT FINANCIAL INSTITUTIONS WHO GLEEFULLY REDISTRIBUTED WEALTH FROM THE MIDDLE CLASS
INTO THEIR POCKETS BUT WHEN THEIR SCAM FEEL APART REQUIRE GOVERNMENT HELP TO PROP THEM UP

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