If John McCain is learning economics from Phil Gramm, he isn't learning how to manage the financial affairs of the house (U.S.). Gramm only knows how to make it easier for the big fish to swallow the little until there's nothing left for anyone to eat. His kind is destroying the planet.
When he was in the Senate, the garbage economics he was spewing was a tidal wave of really dumb and woefully selfish ideas.
John McCain, wise up. Selfishness is evil.
Monday, June 09, 2008
Phil Gramm's UBS has new problems
Chris in Paris 6/09/2008 03:20:00 PM ET
Phil Gramm's Swiss bank client has been one of the worst hit banks in the world due to the subprime banking crash which is linked to the Gramm-Leach-Bliley Act that the retired Texas Senator promoted before leaving the Senate and working for UBS. ... As the credit crisis grew Gramm, a Washington insider, was tasked with lobbying Congress to ease the pain of the problem he helped create.
The latest scandal to involve the McCain campaign co-chair lobbyist are investigations into UBS by the SEC as well as regulators from Massachusetts and New Hampshire. ...Wall Street problems and McCain.
UBS Financial Services Inc. knew as early as December that a segment of the municipal bond business was in trouble, but the Wall Street firm kept selling the investments to some clients without warning them of the risk....
By February, the $330 billion auction-rate securities market had collapsed, locking out the nonprofits and municipalities that had used the market for years to issue inexpensive debt, as well as the investors who had purchased it. ...