McSames economic advisers

http://www.nationalmortgagenews.com/premium/archive/?ts=1034092803

Take a look at this announcement of Phil Gram leaving the congress to go to work for UBS.
Its from like 2002 and they mention the sub prime profits for his newly intended employer.



Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.
 
I saw McSames economic adviser on the PBS nightly news hour last night. He sang the same old bush economic song. Just pursue the american dream and the economy will cure itself...

Hillarys and Obama's looked much better, with Obama's coming out on top imho.
 
uscitizen said:
I saw McSames economic adviser on the nightly news last night. He sang the same old bush economic song. Just pursue the american dream and the economy will cure itself...
Click to expand...

Hey economic newby it's called belief in free markets. They've been around a long time. Bush did not invent the free market.
 
Gramm wrot the GLB act of 1999 which passed in nov of that year. The industry consolidated and you got sub prime profits rolling in.

They caused this mess.
 
Graham will unfairly be tarred and feather over that.
He's got a PHD in economics and taught it for 12 yrs , he's lightyears advanced over the average illiterate dem congressman.
 
Unfairly tarred and feathered. He was lobbied by the industry to do it dweebot.

He was then rewarded by the industry with a sweet job.
 
your a caring bleeding heart liberal who thinks no one should be foreclosed on. It's way over your head.
In econmics/business there are winners and losers. You can't legislate away market downturns.
 
cawacko said:
Oh geez a bunch of liberals are complaining about McCain's economic advisors. Who would have thought that?

And do you think HuSame is going to pick some conservative economic advisors?
Click to expand...
Barack HuSame Obama? I doubt it...

;)
 
The date on this is 2002. Its a mortgage news site.
This was said at a time when it was not seen as a problem but a positive thing to connect the GLB act 1999 to corporate profits.



Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization.

http://www.nationalmortgagenews.com/premium/archive/?ts=1034092803
 
Desh the subprime got millions of people into homes that otherwise wouldn't have. Not all of them are in default. Actually most of them are not.
 
Heres a clue for topper.

The Glass Steagall act worked to keep this type of mess from happening for over 60 years. GLB act repealed it.
 
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