Wednesday, June 04, 2008

& there went housing, banking, and oil...

From The Texas Observer via Information Clearing House:

John McCain's Gramm Gamble

Patricia Kilday Hart, of The Texas Observer:

"The GOP presidential nominee is relying on the ex-senator who helped bring you the mortgage crisis and Rick Perry. In the early evening of Friday, December 15, 2000, with Christmas break only hours away, the US Senate rushed to pass an essential, 11,000-page government reauthorization bill.

In what one legal textbook would later call 'a stunning departure from normal legislative practice,' the Senate tacked on a complex, 262-page amendment at the urging of Texas Sen. Phil Gramm. There was little debate on the floor.

According to the Congressional Record, Gramm promised that the amendment-also known as the Commodity Futures Modernization Act-along with other landmark legislation he had authored, would usher in a new era for the US financial services industry."

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