Saturday, February 14, 2009

Phil Gramm

- Former U.S. Senator (R-TX)!

- Has been called the High Priest of Deregulation!

- Opposes the minimum wage!

- Has called Wall Street a "holy place"!

- Argued for cutting the food stamp program by saying "all our poor people are fat"!

- Has a face only a mother could love -- and a smile like a constipated person trying to evacuate his bowels!

- From 1989 to 2002, in the top five among politicians in terms of campaign contributions from Wall Street!

- Cowrote the 1999 Gramm-Leach-Bliley Act, which eliminated rules in place since the Depression designed to protect the economy from widespread financial-institution failure!

- Gramm-Leach-Bliley allowed commercial banks like Citi and BofA to invest in the very subprime mortgage-backed securities that would later render them insolvent!

- Cosponsored the Commodity Futures Modernization Act of 2000, which paved the way for the corruption and collapse of Enron -- and ensured that derivative products like credit default swaps would remain unregulated!

- Superstar investor Warren Buffet called those same derivative products "weapons of mass destruction"!

- In 2001 said subprime home lending is "the American dream in action"!

- After leaving the Senate, went to work for investment bank UBS, where he lobbied the government to ease regulation of predatory subprime mortgage lenders!

- In 2008 called the economic crash a "mental recession," and called the U.S. "a nation of whiners"!

- That same year, UBS received a $60 billion bailout from the Swiss government, to compensate for subprime mortage-related losses!

- Of claims that deregulation caused the economic crisis, says, "I just don't see any evidence of it"!

- Idiot!

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