Phil Graham, the economy and YOU

Email Print posted by pdsimdars 07/13/2008 12:42:38 PM EST

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. . . . . do you think these people are going to find real solutions for your economic problems?  They don't even believe the problem exists.

Wasn't it Phil Graham who helped get the Savings and Loans deregulated?  Resulting in the S & L scandal that they called on us to pay for and bail them out?  Wasn't GW Bush's brother involved?  Wasn't John McCain right in the middle of that too?

Remember Enron?  And wasn't it Phil Graham again, pushing for deregulation of energy? Remember the stories of those speculators, laughing in that room, joking about granny not being able to afford her heating bill because of what they were doing?  And all those Enron employees who lost everything, while those at the top cashed in early and made multi millions?  

And what about this latest mortgage crisis?  Phil Graham right in the middle lobbying for deregulation again.  And all those people at the top making multi millions off of us.  And, don't forget, as usual, you and me, the American tax payers have paid and will pay more for the bail out.  

Isn't there a pattern emerging?  Phil Graham pushing for deregulation, where their cronies to make great fortunes from the deregualtion at our expense.  And then, when they push the whole industry off the cliff, as usual they turn to us to pay more to bail them out.  

And this is the SAME Phil Graham who is the chief architect of McCain's current economic plan.  You know, the McCain's economic plan that was such a disaster and didn't add up so they wanted to get some respectability for it by urging 300 economists to sign onto it.  Only one thing . . . they gave them a DIFFERENT plan to sign off on, then they switched it.  The economists looked at it and said, "This isn't the plan we signed off on."  Didn't hear about that in the media did you?  What's wrong with the media?

And now, this is also the same Phil Graham who not only doesn't "feel your pain", he says you're whining, there isn't any problem with the economy.  Well, I guess that depends on whether you're in the upper 2% or not.  But for MOST Americans, this economy is worse than it has been in most people's memory.

Now, do you think these people are going to find real solutions for your economic problems?  They don't even believe the problem exists.  Remember that when you go buy gas, pay for your energy bill or buy food or anything else -- it's all in your mind, you whiney girley-man!

 

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Phil Graham, the economy and YOU | 5 comments (5 topical, 0 hidden)
But Wait Theres More! (none / 0)

Forclosure Phil has many other issues, first of all, he's clueless about economics and he's simply another Texas based hypocrite, liar and thief:

Mr Deregulation:

Paul Krugman noted this week that most reasonable people seem to realize that we’re in serious need of financial reform and expanded regulation. That is, except, Gramm, who’s championed financial deregulation for years. “I’d argue that aside from Alan Greenspan, nobody did as much as Mr. Gramm to make this crisis possible,” Krugman said."

Worse Business Man Than Bush...

  "Gramm has been an executive with the U.S. operations of UBS, the giant Swiss Bank. An unintentionally hilarious interview with Gramm on the Wall Street Journal editorial page last week asserted that Gramm has "been a key instigator of some of the biggest money-making UBS deals of recent years." The interview was noteworthy not just for first-class butt-kissing, but for deliberately gliding over the avalanche of disasters in the past year that has turned UBS from a respected Swiss titan of discretion and risk management into a laughingstock. As this one-year chart shows, UBS's stock lost nearly 70 percent of its value and now stands at levels not seen since 2002, when Gramm signed up."

 Hates Americans and their houses...

"As recently as December 31 of last year, still working for Swiss bankers, specifically to help kill the Emergency Home Ownership And Mortgage Equity Protection Act and the Helping Families Save Their Homes and Bankruptcy Act, a bill that would have let bankruptcy judges adjust mortgages terms so American families facing foreclosure could repay their loans and keep their homes. […]

 while profiting from the lobbyists

"Gramm’s deregulation [as a senator] help set the stage for an explosion of banks slicing up subprime mortgages, bundling them with other mortgage slices, to hide the credit risks, and stelling mortgage stew to other investment firms. That gave lenders powerful incentive to make as many loans as possible, regardless of risk."

 Watch Phil f$5# America!

Hypocrite

"Gramm, the great crusader against government spending, has spent his entire life on the government tit. He was born at a military hospital, raised on his father's Army pay, went to private school at Georgia Military Academy on military insurance after his father died, paid for his college tuition with same, got a National Defense Fellowship to graduate school, taught at a state-supported school, and made generous use of his Senate expense account.

 Thief

"In 1987, a Dallas developer named Jerry Stiles flew a construction crew to Maryland to work on Gramm's summer home. Stiles spent $117,000 on the project but was kind enough to bill Gramm only $63,433. When Stiles got in trouble for misusing funds from a savings and loan he owned, Gramm did him some "routine" favors with regulators. Stiles was later convicted on 11 counts of conspiracy and bribery."

In the pockets of banks

As a member of the Senate Finance Committee and the recipient of enormous banking contributions, Gramm did an even bigger favor for the financial industry in 1999 when he sponsored the Financial Services Modernization Act allowing banks, securities firms, and insurance companies to combine. The bill weakened the Community Reinvestment Act, which requires banks to help meet the credit needs of low- and moderate-income neighborhoods. Gramm described community groups that use the CRA as "protection rackets" that extort funds from the poor, powerless banks. The bill is also a disaster for the privacy of bank customers and weakens regulatory supervision. As Gramm proudly declared, "You're not going to find a single bank, insurance company, or securities company that will say they were hurt financially by this bill."

 and  Big Oil

"To be fair, Gramm occasionally found it in his heart to assist the poor -- like the time he suggested that mothers on welfare would be better off working for $2.50 an hour. A more typical Gramm vote, though, came on an energy bill that benefited oil and gas companies at the expense of consumers. "There are winners and losers in every economic decision," Gramm said portentously. He was then getting more oil and gas money than any other member of the Senate...."

Thief, hypocrite, and on the bank and big oil payroll...it IS Bush III!

by MRFred on 07/13/2008 02:45:49 PM EST

The hypocrite point is the best one (none / 0)
So many Republicans and Libertarians who claim to be "self made" are full of shit. 

Set aside the many of them with the fortune of being born into the right socioeconomic situation, that's obvious.

Look at how many of them benefited tremendously from tax payer funded benefits, ranging from cheap public education to low interest government loans and the list goes on and on.

by ihavenobias on 07/13/2008 03:03:56 PM EST

[ Parent ]
What a shock! (none / 0)
WHAT!!! Neoliberals justifying each successive thevery under the rubric of the "self-correcting" market mechanism as the solution to everything! Its the swine like Gramm who are the douches who are in control when the "markets" are left to their own devices, he is not accountable to anyone and he will destroy whatever, country, corporation, to fatten his wallet. Do we need anymore proof that the system has to change? Bring the government back...enough of this shit!

Blog: http://perspectivos.blogspo t.com/

by Nick86 on 07/13/2008 09:41:33 PM EST

[ Parent ]
Forclosure Phils Legacy (none / 0)

WASHINGTON — The Bush administration announced Sunday that it would seek congressional approval that would allow it to buy stock in Fannie Mae and Freddie Mac and vastly increase the amount of funds the government could make available to the two giant mortgage finance institutions that are key to the way the U.S. home mortgage market works.

In announcing the new plan to seek congressional authorization that would allow the government to increase its stake in the two institutions, Treasury Secretary Henry Paulson made it clear the the failure of either would have dramatic impact on the world economy.

 You go McCain...keep getting advised by this loser....

by MRFred on 07/13/2008 10:59:29 PM EST

Gosh, MRFred, I'm confused! (none / 0)

 

I thought the Free Market and Capitalist minded people didn't believe in government bail-outs? Doesn't it make sense that if these privately owned companies needed more capital, they should go to the shareholders - the owners - and tell them to pony up some cash to cover their bad debts? I'm pretty damn sure they've been taking the dividends as they've come due - why not hold them responsible when the bills come due?

Wouldn't that be the Free Market way of doing things? I'm asking you because I know you are wise in these things and will take these questions in the rhetorical, smart-assedly satirical way that only someone who "got" the New Yorker cover would.

Conservatives...you know the old saw about a Con being a Lib who got mugged? I always figured the mugger was a Conservative because they are the first to whine about having their money "redistributed," but are the first at the trough when it's feeding time. That famous asshole Libertarian, John Stossel, admitted as much in his book when he described how his summer home on the coast of the Carlinas (I think) was blown away in a hurricane and he didn't send the check back to the government when it came his way. I believe his words were, "If they're giving it to me, I'll take it." A man of his principles, obviously...

Sorry. Chatty today, I guess....

by MedfordTim on 07/17/2008 03:17:02 PM EST

[ Parent ]
Phil Graham, the economy and YOU | 5 comments (5 topical, 0 hidden)
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