Posts tagged: Phil Gramm

The Born Warning

I watched a very disturbing story called “The Warning” on Frontline last night. I urge you to take an hour and watch it yourself. You can watch it on Frontline’s website now.

It is the story of a courageous woman named Brooksley Born and how, way back in 1998, she warned Congress and the American people that the over the counter derivatives market needed to be regulated. Alan Greenspan, Larry Summers, Robert Rubin and Phil Gramm all fought hard against regulation. They won. The Amercian people lost. It is just shameful. I did not know who Brooksley Born was until I saw the story on Frontline.

Even after the hedge fund Long Term Capital Management collapsed in 1998, nothing was done. Greenspan still didn’t think regulation was needed. I didn’t know until I watched this that Greenspan was a huge follower of Ayn Rand. She didn’t believe in regulation of the markets either.

We still don’t have any regulation over the derivative market. It is a $595 trillion market that operates in the dark. Even now, after the economic collapse of last year and the government bailout of the banks, Wall Street is fighting against regulation.

What horrible thing is hiding under that rock?  Someone needs to shine a light on it. I have more questions.

Why isn’t there an investigation of exactly why the economy collapsed so the guilty parties can be punished?

Is Bernie Madoff the only person going to prison?

Why hasn’t anyone given Brooksley Born a medal for what she did? Alan Greenspan should take off his Presidential Medal of Freedom and give it to her.

Why hasn’t anyone turned this story into a movie?

At the end of the show, I sadly concluded that our government is either totally incompetent, horribly corrupt, or both. There is just no other conclusion to be reached. It’s disgusting.

As Paul Krugman says, “We need a better government than we’ve got.”

Watch “The Warning” on Frontline.

John McCain, Bad For America

I find it hard to believe John McCain said Monday that the fundamentals of the economy are strong. Tuesday he explained that when he said “fundamentals of the economy” he really meant the American worker is strong. Huh? When I hear you say “fundamentals of the economy,” I don’t hear “American worker.” Say what you mean. So much for the Straight Talk Express. This is the guy who had Phil Gramm as his economic advisor until he called us a “nation of whiners.” Phil disappeared shortly after that remark. Gramm is high on the list of people responsible for the mess the economy is in now. He did a lot to make sure the markets weren’t regulated. Read this article in the New York Times or this one in The Huffington Post to find out that McCain “doesn’t really know about economics” and got his advice from Phil Gramm. Molly Ivins called Gramm one of the meanest guys ever to serve in the U.S. Congress. It is disgusting that McCain let Gramm come within 1000 yards of him. Carly Fiorina, the former head of Hewlett-Packard and a McCain supporter, said recently that neither McCain, Palin, Obama or Biden could run a major corporation. She couldn’t run HP either but she got a nice fat $21 million package when she was dismissed. Do you really want to elect a guy as president that graduated 894 out of 899 in his Naval Academy class? Haven’t you had enough of George Bush, our current “C” student President? Do you want to replace one incompetent fighter pilot with another incompetent fighter pilot and have another four years as disastrous as the last eight? Do you want to elect a guy who can’t remember if Iran is Sunni or Shia and needs smiling Joe Lieberman to remind him?

Smiling Joe Lieberman

I am going to vote for Barack Obama who graduated from Columbia and Harvard Law School and actually knows where the library is at both institutions. I want someone who can actually think.

Former Secretary of State Colin Powell said that he is still undecided about who he will vote for and wants to watch the upcoming debates. Didn’t he watch any of the debates leading up to the conventions? That wasn’t enough? Does he read a newspaper or watch TV? If you don’t know the difference between McCain and Obama by now you are not paying attention. I understand that he is a Republican and may not want the world to know that he is considering voting for Obama, but to say that you are still undecided? Retired General Wesley Clark is voting for Obama and here is a great story explaining why he is a Democrat.

Dr. Phil said on the Larry King Show that he doesn’t know who he is voting for yet either. Wow. This is a “no brainer” people. If you don’t realize yet that Barack Obama is light years ahead of McCain in the “smarts” department, you haven’t been listening.

In the movie “Moonstruck”, Loretta Castorini (Cher), slaps Ronnie Cammareri (Nicholas Cage) in the face twice and yells “Snap out of it.”

For all of you undecided voters out there: SNAP OUT OF IT!

I’m voting for Barack Obama. You should too.

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