Foreclosure Phil

Years before Phil Gramm was a McCain campaign adviser and a lobbyist for a Swiss bank at the center of the housing credit crisis, he pulled a sly maneuver in the Senate that helped create today's subprime meltdown.

Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been ... Full Story »

Posted by Beth Wellington

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Mark Siet
4.3
by Mark Siet - Oct. 1, 2008

it makes sense even though the subject matter is obscure. The top money affects everything under it was what I got from this story.

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Gary Holcomb
5.0
by Gary Holcomb - Oct. 1, 2008

Yah, this is a must read! This is journalism at its best; describing the corrupt friend that the condescending & pandering aristocrat McCain wants to place in power if elected. It provides a look at one more hole in McCainÂ’s bucket of bad jokes to be used as reasons for his candidacy. There are now so many holes in that bucket that it is looking like a sieve. There is no chance that that bucket will would enough water to quench his thirst for power. If elected, the joke will be on us.

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Nicholas Bentley
3.4
by Nicholas Bentley - Oct. 1, 2008

A story on former Sen. Phil Gramm and how his 'Commodity Futures Modernization Act' was the key that freed up the Subprime market and led to a global economic meltdown. It goes on to ask if Gramm is the ideal candidate to advise McCain on economics and potentially become Treasury Secretary. The really troubling sub-story for me was how bills such as this can pass through both houses without anyone, including Gramm it appears, understanding what is going on or having any idea of the consequences. There should be more reporting on this side of the story.

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Harv Roth
4.5
by Harv Roth - Oct. 1, 2008

The story is well documented. Public record shows what Gramm did. This weasel act took place almost fifteen years ago. If Gramm didn't do it it would have been done under Bush 2. Instead of sneaking it through they would have called it the American Salvation Act.

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Paul Peete
4.7
by Paul Peete - Oct. 1, 2008

McCain's Guru is exposed quite completely. The article has the goods on Gramm's anti-regulatory legislation and its skewed intent. The quid pro quos to he and his wife are apparent.

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Beth Wellington
4.0
by Beth Wellington - Oct. 1, 2008

This and the Olbermann piece which preceded it (see link below) both shine a light on a key advisor for the McCain campaing, as did TPM.

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Kaizar Campwala
3.0
by Kaizar Campwala - Oct. 1, 2008

This is bad journalism. While the issue is important, the story could have been reported in a far less bias way. From the language Corn uses to the way he has simplified how legislation gets passed in Congress, it's weak. Gramm is undoubtedly a shill of the financial sector, but A) it takes two houses of Congress and a Presidential signature to pass legislation and B) The causes of the housing crisis are far more complicated than what Corn is making them out to be.

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Douglas Hord
5.0
by Douglas Hord - Oct. 1, 2008

We need about 4,000 more articles like this one.

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Michael Evelyn
4.4
by Michael Evelyn - Oct. 1, 2008

I don't see how McCain survives any debate with Democrats as long as Phil Gramm is advising him on the economy. There is a perfect storm brewing of lobbyist influences, wrong policy prescriptions, Washington hubris, pathetic packaging and poor timing that rain hail on McCain's economic message. This is one of an increasing number of biting articles on the role of lobbyists and out-of-touch policy prescriptions that characterize McCain's economic plan. Given that he has admitted publicly that this is not his area of expertise you are left to conclude that Gramm would be shaping his administrations economic policy. Foreclosure Phil? Stunning!

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Mandy Brown
5.0
by Mandy Brown - Oct. 1, 2008

This is exactly what we don't want. Government policies being decided by lobbyists.

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Bill Goldschein
5.0
by Bill Goldschein - Oct. 1, 2008

Mother Jones 4ever. Phil Gramm 4never.

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Vicki Baker
4.4
by Vicki Baker - Oct. 1, 2008

This story is important because it deals with the "who" behind the subprime market meltdown, ex. Sen. Phil Gramm, a McCain economic advisor. It describes how the changes in laws that reduced the oversight and removed regulations on the financial sector was pushed and adopted. Because so many people are afraid of showing what they don't know, legislators adopt laws on subjects they don't understand, and do so without reading them, based on a trusted fellow Senate member. What happens when that Senator is biased, and is too close to the industry lobbyists? Bills like the Commodity Futures Modernization Act are passed, and we all pay for them.

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bart ziegler
4.1
by bart ziegler - Oct. 1, 2008

why is this not in today's NYTimes. How long will they take to report't?

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