Friday, October 01, 2010

Right-Wing Republican Fanatic Who Helped Cause the Economic Crisis Calls Obama a "Failure"

There are few people in America who have done more grievous damage to our nation than Texas conservative Republican Phil Gramm. His influence has been malignant in every way. It was Gramm that pushed the incredibly harmful financial deregulation measures that are DIRECTLY RESPONSIBLE for the economic crisis we are in. From the linked article:

Phil Gramm, more than any other modern politician, pushed the deregulatory ethos that the financial crisis of 2007-08 exposed as a criminally irresponsible sham. His very name is on the law that repealed the Glass-Steagall prohibition on the commingling of commercial and investment banking. He was the lead force behind the Commodity Futures Modernization Act, which ensured that derivatives trading would be largely unregulated. And yet he has the gall to complain about the "the regulatory burden" that "exploded during the Roosevelt administration"!

The regulations on the financial sector that emerged from the Great Depression are largely responsible for a 50-year period in which the United States managed to avoid hugely debilitating financial crises. That period ended as Republicans set about their great task of dismantling the New Deal -- and sent the U.S. economy hurtling toward disaster. Phil Gramm's thumbprints are all over the Great Recession. Obama's regulatory response -- such as it is -- is a direct consequence of the failure of the deregulatory ideology pushed by Gramm and his cohorts. If there was any real justice in this world, Phil Gramm would be subject to a lifetime ban on ever uttering the words "regulatory burden."

Gramm is simply lying about the efficacy of FDR's program, and he is lying even more deeply about Obama's. This is what almost all of these national conservative leaders are, sociopaths and liars who don't give a DAMN about the average American--and yet, their lies still get respectful hearings. That's what happens when you have a so-called "Liberal Media", I guess.

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