> Sam wrote: > As he should. You're playing a game here. McCain wanted to regulate > government backed Fannie/Freddie not banks.
[everybody read all of this!!] Let's talk about Phil Gramm. Remember him? He's the guy that created the unregulated 'shadow banking system' which is larger now than the regulated banking system. He was the co-chair of the McCain 2008 presidential campaign before he called Americans whiners. Oh, and McCain served as the national chairman of Gramm's 1996 presidential bid. And McCain and Gramm worked hand-in-hand against Clinton's healthcare proposal. So how did Gramm, McCain's top financial adviser until a few months ago, architect this economic crisis? Via the Commodity Futures Modernization Act which unleashed derivatives, what Warren Buffett called "financial weapons of mass destruction" You see, it all started on cold winter's night 8 years ago ... In early evening on Friday, December 15, 2000, with Christmas break only hours away, the U.S. Senate rushed to pass an essential, 11,000-page government reauthorization bill. In what one legal textbook would later call "a stunning departure from normal legislative practice," the Senate tacked on a complex, 262-page amendment at the urging of Texas Sen. Phil Gramm. There was little debate on the floor. According to the Congressional Record, Gramm promised that the amendmentalso known as the Commodity Futures Modernization Actalong with other landmark legislation he had authored, would usher in a new era for the U.S. financial services industry. "The work of this Congress will be seen as a watershed where we turned away from an outmoded Depression-era approach to financial regulation and adopted a framework that will position our financial services industry to be world leaders into the new century," Gramm said. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:273987 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
