McCain blaming Credit meltdown on Democrats/ Obama - nobody on M$M will talk about Phil Gramm's

[JohnWxy]

sponsorship of the two bills that actually DID produce this worst economic disaster since the 30's - the Financial Services Industry Modernization Act and the Commodities Futures (trading) Modernization Act (CFMA) which produced the deregulated trading in energy futures (Enron Loophole) and lead to unregulated trading in Collaterized Debt Obligations (CDOs) and Credit Default Swaps by banks and insurance companies. This is what lead to our current dire situation. Gramm had to slip the CFMA in as a rider tto the Omnibus spending Bill (11,000 pages long) to get it passed. Two previous tries failed. Phil Gramms not-so Excellent Adventure. Of course, you know Phil Gramm, McCain's top economic advisor, his selection to be Secretary of the Treasury and the guy who said america was suffering from a "mental" recession. McCain has been an ardent advocate of deregulation for years.

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http://www.washingtonpost.com/wp-dyn/content/article/2008/10/09/AR2008100903169_2.html?hpid=topnews&sid=ST2008100903556&s_pos=


McCain spends most of his time at his rallies and town hall meetings lambasting his rival, often calling him a "co-conspirator" with congressional Democrats in what he argues are the seeds of the financial crisis at mortgage giants Fannie Mae and Freddie Mac.

"Will you assure us," one woman asked, "that, as president, you will take immediate action to investigate, prosecute and name the names of the people actually responsible?"

"I will," McCain answered.


"The same people that are now claiming credit for this rescue are the same ones that were willing co-conspirators in causing this problem that it is," he said, raising his voice to be heard over the crowd. "You know their names. You will know more of their names."