<cf_beavis line="hehe he said fannie." /> Gruss Gott wrote: >> 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. > >
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