Salon has an excellent article up highlighting the devastating policies of McCain’s economic adviser, Phil Gramm
Before he retired from the Senate in 2002, he wrote the Gramm-Bliley bill, an act broadly deregulating the financial industry — and now blamed by many economists for the epidemic of speculation and fraud that has shaken the global economy.
Touting those changes as a way to “modernize” American finance for a global future, Gramm said they would bring wonderful new efficiencies and savings to consumers. As with the energy deregulation that he sponsored — which was supposed to bring lower prices and better service, but led to blackouts and price gouging — those economic wonders never quite appeared. The damaging effects of banking deregulation took nearly a decade to be felt, but whether we have experienced the worst still remains to be seen.
Phil Gramm is the same man who brought us the Enron debacle and he is still touting deregulation. The man is a total shill.
