the obamathons trashing of Phil Gramm

Discussion in 'Politics' started by fhl, Mar 4, 2009.

  1. fhl


    We've seen a lot of trashing of Phil Gramm on this site over the last year. Some saying that he is the closest thing to the cause of the entire meltdown that we can find. One person saying that they couldn't in good conscience vote for Mccain, or even be a republican anymore, in light of the Gramm- Mccain connection.

    It's interesting that those same Obamathons, and that one great detractor in particular, don't seem to have a problem with Larry Summers being the Director of Obama's National Economic Council. In other words, Obama's chief economic advisor.

    You see, Larry Summers had his own involvement in the escape of certain derivatives from regulation. As Clinton's deputy Sec of Treasury in the 1990's, he was integral in keeping Brooksly Born, cftc head, from accomplishing her goal of placing regulations on certain newly formed derivatives. I came across an article mentioning his roll in this just this morning. Through a little more googling, I found another reference in none other than the ultraliberal Huffington Post. In part, it says about Mr Summers:

    "he is also the same one who helped to browbeat Brooksley Born when she tried to get Congress to do their jobs and regulate derivatives back in 1997. And he's the same Larry who cheered along with Alan Greenspan and Robert Rubin when she quit in disgust.

    This Larry later uttered these words upon the passage of the Gramm bill that swept away the Glass-Steagall Act: ''With this bill the American financial system takes a major step forward toward the 21st Century -- one that will benefit American consumers, business and the national economy.''

    The truth always comes out in the end. The Obamathons side of the story is never the only one, and not always the correct one either. :)