McCain Renounces Gramm’s Comments
By Alan Stewart Carl | Related entries in Economy, McCainAfter John McCain advisor and former U.S. Senator Phil Gramm disparaged Americans as “a nation of whiners†in a “mental recession,†McCain had no choice but to publically renounce Gramm’s statements. Sometimes it seems as if McCain is spending half his campaign distancing himself from the stupid comments of supporters.
Gramm’s statements came in a Washington Times interview where he was trying to make the point that people’s negative perception of the economy is incongruent with the economy’s continued growth. Gramm actually has a point in there but his condescension ensured he would just come off looking like an ass. McCain, to his credit, acknowledged that many Americans are struggling. But, with Gramm being a top economic advisor to McCain, one has to wonder if McCain really understands the specific economic problems facing America or whether he’s just smart enough to say he does.
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July 10th, 2008 at 3:48 pm
The most annoying thing about his quote that you posted is the sentiment that our economy is doing just fine as represented by the persistent 1% growth.
And who says that all the Republican politicians care about is the bottom line?
July 10th, 2008 at 5:37 pm
It’s good that the McCain team is coordinating their talking points, as John McCain’s been talking about how the problems with the economy, gas prices, energy, et al, and his proposals to solve them, are ‘mostly psychological’, for months now.
Alternative energy? McCain will harness the power of the subconscious, store it in a science-contest-prize battery, and use it to power your new ‘horseless carriage’.
Go McCain!
http://www.womenforjohnmccain.com/
July 10th, 2008 at 5:43 pm
Gramm says he doesn’t take back a word of it. And so far he’s still a senior member of the campaign.
July 10th, 2008 at 8:51 pm
I love this guy….Gramm was one of five co-sponsors of the Commodity Futures Modernization Act, making him arguably one of the most responsible for the both the Enron collapse and the obscene run up on oil due to speculation (yes, that’s right, he’s a key architect of the Enron loophole).
But the Enron loophole allowing unfettered energy regulation was nothing compared to the rest of the Commodity Futures Modernization Act, which was inserted into the $384-billion omnibus spending bill in 2000–everyone was under such pressure to get that passed so government would not shut down, and being on the heels of the infamous, Gore V Bush case, no one was even paying attention.
So what was in the commodities act? Well, Gramm and his pal Senator Dick Lugar inserted several tasty morsels (written with — or if you prefer by”" financial industry lobbyists) that made sure that neither the SEC nor the Commodity Futures Trading Commission (cftc) could regulate these new financial products called swaps”"
What’s a swap?
A credit default swap is basically an insurance policy covering the loss on securities in the event of a default. Financial institutions buy them to protect themselves if an investment they hold goes south.
Because of the swap-related provisions of Gramm’s bill no one was watching to ensure the banks and hedge funds had the assets to cover the losses they guaranteed.
What does that mean–because of this act, Wall Street was able to invest in high risk subprime mortgages without the capital to support their bets. So yes, the same guy is at least partially responsible for gas running at $4 + a gallon is also responsible for the shub prime mortgage disaster that has puts thousands out of their homes.
And this guy is dissing on Americans for whining?
And this is the guy that McCain wants as a key advisor?
People, wake up.
McCain is as dangerous as Bush.
July 11th, 2008 at 7:40 pm
Yep. Gramm is not only a senior economic advisor to McCain but also a campaign co-chair. He’s what I consider one of the key flaws with the idea that age brings wisdom. Nowadays things change so fast that the world a 40 year old lives in bears no resemlance to what the 40 year old Gramm or McCain lived in, much less when you compare a college graduate now to what things were like for them as young men. And far too many older people just don’t grasp how big the gap is.