The Mojo Blog states, "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."
Last month David Corn reported in Mother Jones' July/August 2008 issue on "Foreclosure Phil." Mr. Corn writes, "Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure."
Click here to read David Corn's entire article on "Forclosure Phi.l" This article is especially useful since it also includes a sidebar by Casey Miner that explains "Subprime 1-2-3."
Click here to read the rest of the MoJo Blog entry "McCain Blasts Wall Street Failure, Neglects To Mention His Adviser Helped Cause It."
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