McPain Advisor Helped cause Crash

Gramm de-regulated what they now say needs regulating

Excerpt:
As the news broke of the Lehman Brothers meltdown and the rest of the latest financial crisis,
John McCain, speaking at a campaign rally in Florida on Monday, angrily declared,
"We will never put America in this position again. We will clean up Wall Street. This is a failure."
And in a statement, McCain called for greater "transparency and accountability" on Wall Street.

If McCain wants to hold someone accountable for the failure in transparency and accountability
that led to the current calamity, he should turn to his good friend and adviser, Phil Gramm.

As Mother Jones reported in June, eight years ago, Gramm, then a Republican senator chairing
the Senate banking committee, slipped a 262-page bill into a gargantuan, must-pass spending measure.
Gramm's legislation, written with the help of financial industry lobbyists, essentially removed
newfangled financial products called swaps from any regulation.

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