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Background: Phil Gramm spearheaded efforts to pass the Gramm-Leach-Bliley Act of 1999, which reduced government regulations in existence since the Great Depression separating banking, insurance and brokerage activities. Between 1995 and 2000, Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and received over $1 million in campaign contributions from the Securities & Investment industry. Later, as lobbyist for Swiss bank UBS, Gramm pressured Congress to ease restrictions on predatory lending tactics by mortgage brokers. For his efforts, Gramm received $750,000 from UBS in a one year period starting in 2007.
Phil Gramm is one of McCain's economic advisers. Here is the result of his handiwork:
Congress' fiscal conservatives declare free market 'dead'
last updated: September 19, 2008 07:48:02 PM
WASHINGTON — Fiscal hawks who dominate the Republican Party's conservative wing have watched in dismay as President Bush, presidential candidate John McCain and Republican leaders in Congress fall in line behind a federal rescue mission of historic proportions.
Almost overnight, Republican lawmakers who came to Washington vowing to slash Big Government are powerless to stop what could be one of the largest government expansions since the Great Depression.
Sen. Jim Bunning, a Hall of Fame pitcher-turned-senator from Kentucky, threw a knockdown pitch Friday from the crumbling mound of fiscal conservatism.
"The free market for all intents and purposes is dead in America," Bunning said.
Read the rest here.
Phil Gramm is one of McCain's economic advisers. Here is the result of his handiwork:
Congress' fiscal conservatives declare free market 'dead'
last updated: September 19, 2008 07:48:02 PM
WASHINGTON — Fiscal hawks who dominate the Republican Party's conservative wing have watched in dismay as President Bush, presidential candidate John McCain and Republican leaders in Congress fall in line behind a federal rescue mission of historic proportions.
Almost overnight, Republican lawmakers who came to Washington vowing to slash Big Government are powerless to stop what could be one of the largest government expansions since the Great Depression.
Sen. Jim Bunning, a Hall of Fame pitcher-turned-senator from Kentucky, threw a knockdown pitch Friday from the crumbling mound of fiscal conservatism.
"The free market for all intents and purposes is dead in America," Bunning said.
Read the rest here.
