Nope, try a little closer to McCain.... Phil Gramm, McCain's Chief economic advisor
But Gramm's most cunning coup on behalf of his friends in the financial services industry—friends who gave him millions over his 24- year congressional career—came on December 15, 2000. It was an especially tense time in Washington. Only two days earlier, the Supreme Court had issued its decision on Bush v. Gore. President Bill Clinton and the Republican-controlled Congress were locked in a budget showdown. It was the perfect moment for a wily senator to game the system. As Congress and the White House were hurriedly hammering out a $384-billion omnibus spending bill, Gramm slipped in a 262-page measure called the Commodity Futures Modernization Act. Written with the help of financial industry lobbyists and cosponsored by Senator Richard Lugar (R-Ind.), the chairman of the agriculture committee, the measure had been considered dead—even by Gramm. Few lawmakers had either the opportunity or inclination to read the version of the bill Gramm inserted. "Nobody in either chamber had any knowledge of what was going on or what was in it," says a congressional aide familiar with the bill's history. It's not exactly like Gramm hid his handiwork—far from it. The balding and bespectacled Texan strode onto the Senate floor to hail the act's inclusion into the must-pass budget package. But only an expert, or a lobbyist, could have followed what Gramm was saying. The act, he declared, would ensure that neither the sec nor the Commodity Futures Trading Commission (cftc) got into the business of regulating newfangled financial products called swaps—and would thus "protect financial institutions from overregulation" and "position our financial services industries to be world leaders into the new century." On Sep 17, 11:49 pm, Jim Willis <[EMAIL PROTECTED]> wrote: > I didn't read thorough your entire presentation. I do, however am > certain the collapse of Fannie and Freddie are the constant ills we > face. And, that is the dominion of the democrats. Jim Johnson and > Franklin Raine's, both CEO's of Fannie and Freddie are attached to > Barry's campaign. It all started with these two corporations. > > On Sep 17, 10:35 pm, VT Sean Lewis <[EMAIL PROTECTED]> wrote: > > > > > Hey Jim what do you think of this FACT based solution? > > > The Cascade Effect, the collapse of the US economy. > > How did it happen, and how do you stop it. > > > September 17, 2008 > > Sean Lewis > > > I have been writing about this before the Iraq invasion. > > > I had hoped that if I wrote about it, someone would have > > heard the warning and avoided this financial collapse. > > > The bottom line the Bush Tax Cuts are the main cause. > > > The US government needs income to run. > > > Without the income the US government must borrow funds > > from other sources. > > > The more the US borrows, the higher the US Debt goes and > > the larger the payment on the Debt Interest becomes and the > > more money the US needs to borrow, > > > The double edge is that as the Debt grows the faith in the US > > Economy and the US Dollar declines. > > > The US dollar has fallen by almost half against every major > > currency. > > > The Bush Tax Cuts did not fulfill any of the claims promised. > > > More money to the rich did not stimulate the economy, did not > > create 15 million jobs, did not balance the budget or lower > > the debt and did not increase revenues. > > > When people make more money than they need they keep it, > > they do not give it away. Greed creates Greed. > > > The increase in revenue came from the increased profits from > > abroad either from exports or profits from US international companies > > taking advantage of the US currency drop and padding their > > Earning Reports with profits made overseas. > > > Add to this mix US companies exporting not only jobs but > > entire industries overseas to maximize profits at the cost of US > > citizens and you have the second leg of the collapse. > > > The American middle class, the true engine of the US economy was > > under siege. > > > Americans were losing their jobs at the same time interest rates were > > rising and core inflation WITH food and fuel were exploding higher. > > > Interest rates were rising so that Foreigners would buy the US > > Treasuries > > to finance the DEBT. Unfortunately the American middle class had > > Adjustable > > Rate Mortgages tied to the interest rates. So American Mortgage > > payments > > increased beyond their ability to pay. > > > Foreclosures began, and created a falling real estate market. The > > more > > foreclosures the more home prices fell. Middle Class Americans had to > > make a decision, sell their homes at a lost or hold on in hopes that > > things > > would turn around. > > > Unfortunately not only did things NOT turn around, things became > > worst. > > > The Fuel from Food program accelerated the decline of the economy. It > > created a spike in grain prices and food costs and did little to > > reduce the > > price of oil products. > > > The new law making bankruptcies harder and also no longer protecting > > people from losing their homes, which means Americans could not > > attempt any financial remedies to restructure their debts. > > > Financial institutions looking for a new way of making money, linked > > up with mortgage brokers to securitized loans in early 2001 to 2003 > > with creative vehicles such as no money down, interest only, 5 year > > balloon ARM's. > > > Everything looked good on paper but was hinged on one thing, the > > continued > > strength of the Middle Class, which I have shown was under heavy > > siege. > > > As America's fell behind on their payments the securitized mortgages > > were > > not receiving payments so began to lose value. As the housing market > > continued to collapse so did the securitized instruments. > > > So here we are. I streamlined this, there were a few other issues, > > irresponsible spending, off budget expenses of two wars and Katrina. > > > How do we fix it? > > > Painfully. > > > There is no easy fix. > > > The US Debt most be reduced. The economy must be stimulated. > > The middle class most have jobs. The long term costs of Medicare > > medicaid and social Security must be addressed. > > > The tax cuts must be rescinded. > > > Government spending must be reduced and pay/go instituted. > > > The age at which retirees can claim benefits must be extended by one > > month a year and benefits will have to be means tested. > > > The alternative minimum tax must be raised to exclude individuals who > > are single at $120,000 and Couples to $200,000. (middle class tax > > break) > > > Social Security taxes need to be raised to 12.5% split between > > employer and employee and also raised to include the first $200,000. > > (I need to double check this percentage it may be less) > > > Businesses will receive tax breaks equal to the gross expense of > > bringing US jobs BACK to the US for 7 years of continuous employment > > of the position as long as the net jobs of employed are increased by > > the same number of jobs at the job site. > > > Health Care should be bottom up. > > > $10,000 of health credits per tax payer for preventative care. The > > individual Must get a physical check up each year or lose a portion > > of > > the benefits. Give the Taxpayer a lifetime Budget of $250,000 for > > medical care of their choosing. Pro rate this by age 18 to 72 at the > > start of this program. > > > The way to keep medical costs down is early treatment. If a person > > does not address a medical problem reduce their benefits. > > > This is not to REPLACE medical insurance but to give a minimum level > > of medical care. > > > All of the above is the medicine to get the country back on track. > > > Ending the tax cuts to the rich will lower the debt, which will > > strengthen the US dollar, which will mean oil will cost less, which > > means inflation will go down, which means core inflation including > > food and fuel will diminish, which means the economy will become > > stronger because US workers will be able to afford to buy > > discretionary products, which will employ other Americans who will > > now have jobs so they will not lose their homes which means the > > housing > > market will stabilize, which means banks will be more solvent, which > > means money will once again become liquid which means loans for > > investments will once again become available which means industry > > will grow which means increasing GDP growth and more jobs > > > On Sep 17, 8:56 pm, Jim Willis <[EMAIL PROTECTED]> > > wrote: > > > > 1.Since Fannie and Freddie has been introduced to the American > > > vernacular let’s start here. The government needs to get out of the > > > mortgage business, once and for all. Both of these companies have been > > > suckling at the teat of bloated federal plutocracies far too long. > > > Fannie and Freddie need to be broken into a thousand pieces and > > > privatized. The federal government should have no attachment or > > > responsibility. And, the bailing out ends now, for good. > > > 2.In promised entitlements our government is indebted $57 Trillion > > > dollars. If not dealt with, it will destroy our country. Since > > > government has proven that they are incapable of running anything… > > > Social Security, Medicare and Medicaid should be privatized. The > > > switch to privatization will be costly and take time to implement. To > > > cover the initial cost increases see solution three. > > > 3.There are far too many people in this country who have chosen to > > > ride in the wagon while too few of us are pulling. Our tax policy > > > rewards failure and punishes success guaranteeing less of one and more > > > of the other. We should institute the, “Fair Tax” which abolishes the > > > IRS and incorporates a federal sales tax instead of a payroll tax. > > > With the fair tax, the burden is shared and pimps, hookers and drug > > > dealers will finally carry their share of financing our federal > > > government. Just maybe, with everyone pulling the wagon and sharing > > > the burden, those not paying attention to federal spending might start > > > doing so. Forty percent of Americans pay no federal tax yet take > > > advantage of a great and greater share of our services. > > > 4.Stop corporate pillaging, called the Breck girl law. Corporations > > > spend billions of dollars each year defending themselves from John > > > Edwards and the trial lawyers. A recent study found most of the > > > plaintiff suits to be unworthy of litigation. The most egregious > > > caveat of these suits is punitive damages. Compensatory damages > > > compensate a plaintiff for any loss of earnings, medical bills or even > > > the loss of life. Punitive damages are a punishment to a corporation. > > > Yet, the corporation is not punished, the shareholders are, the actual > > > owners who had nothing to do with the original wrong. Settlements > > > should be limited to compensatory damages only. > > > 5.As long as we are speaking of lawyers let’s right another wrong of > > > jurisprudence. I’ve had it with perps across the fruited plain > > > escaping punishment because their rights were violated. This is the > > > dumbest ruling ever to come out of the United States Supreme Court. > > > It’s known as fruit of the poisonous tree. Look, if some child rapist > > > has his rights violated by some flatfoot in Podunk Louisiana then > > > punish the damn cop. The raped child violated no ones rights, the cop > > > did, punish him and lynch the rapist. The fact that his rights may > > > have been violated does not affect his guilt or innocence. > > > 6.Drill for oil everywhere. Let’s start by drilling through Harry > > > Reid’s head, though I doubt we’d find anything. We have enough natural > > > resources in this country, and off our shores to > > ... > > read more »- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
