Listening to John McCain's speech about the economic crisis this morning was difficult for me. I recall that McCain trusts Phil Gramm for economic advice more than anyone else.
Gramm was the co-chair of McCain's re-election campaign until he resigned just two months ago for the distraction he caused McCain's campaign when he said that the U.S. is only in a "mental recession" and "we have become sort of a nation of whiners."
Gramm was my congressman when I attended seminary. When he first ran he was a Democrat, but his economic philosophy was more palatable to Republicans and he changed parties.
More than anyone else in Congress, Gramm was the force behind the deregulation of the finance industry that led us into our current financial mess. He got plenty of help from his wife, Wendy, who sat on the board of Enron.
McCain's solution to the economic crisis is to fire the head of the Security and Exchange Commission and prosecute Wall Street executives for doing what Phil Gramm's legislation authorized them to do. Without saying so explicitly, McCain indicated he would also undo the effects of Gramm's legislation.
I wonder whether McCain realizes that Phil Gramm's policies -- policies that he supported -- are at the root of our current economic crisis?
I not sure McCain gets it yet.
