He blamed others for the crisis: Democrats who dropped barriers to borrowing in order to promote homeownership; what he once termed “predatory borrowers” who took out mortgages they could not afford; banks that took on too much risk; and large financial institutions that did not set aside enough capital to cover their bad bets. Full Story »
Posted by Derek Hawkins
Not as strong a piece as I'd anticipated. Well sourced, but I thought it did more to vindicate the deregulator than actually examine his economic philosophy with respect to current and past economic trends.
There are tid bits of good information here, but for the most part this piece fails to be insightful.
It is about time that the truth about this dem turned repub, always looking out for his own best interest without regard for those that elected him prima dona was told. This begins to uncover the unethical economist that is Phil Gramm.
Phil Gramm destroyed one of the premier scientific projects of the late 20th century. Phil Gramm was most noted at TAMU for hitting on grad students and unworkable economic theory, I didn't like or trust him then as a Democratic lawmaker, didn't like his famous resignation to rerun as a Republican, then using that to catapult him to the Senate seat vacated by LLoyd Benson. I had a personal, professional, political, and ethical dilike for his policies./
Rotten sidestep ...not reporting....no questions no answers no consultation...a complete waste of time.
the reporter should have quoted the legislators involved during the passage of the deregulation bills...current economics...the last lines are particularly galling....Was a bail out appointed according to Gramm? This so called reporter needs an editor...that understands the english language! 1/2 of the comments contradict the other 1/2
While being informative it also places blame and at the same time lets Mr. Gramm make his case, if you can make a case of this mess.
I remember Richard Nixon on the David Frost interviews trying to explain Watergate as just a second-rate burglary and his place as just an intermediate trying to save this country from ruin. Mr Gramm's place in history will be same if he is to be believed. If everyone would have voted exactly as they were told, we would never had been in this mess. He was just the messenger who happened to ride off into the sunset with his head still intact.
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