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croixflats

Why is Phil Gramm co chair to McCain campaign

7 posts in this topic

Phil Gramm as a Texas senator introduces and helps pass law easing regulation on energy commodity trading.

also a Lobbyist and Vice chairman for UBS Swiss bank that secretly harbers money for the wealthy from America to hide from paying U.S. taxes. The sum of over $20 billion in assets

also considerd a major contributar to the cause of sub prime mortgage meltdown

Why is McCain using him as a econmic advisor along with being co chairman to to his campaign to his presidantcy

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He's not just a lobbyist for UBS Swiss; he's the Vice-Chairman. You may very well disagree with his politics, as I do in some cases, but his qualifications are pretty solid:

Gramm was a Democratic Congressman from 1978 to 1983, when he switched parties and held the same Congressional seat as a Republican until 2005, when he was elected to the Senate, where he served until 2002. (Note...he was effectively kicked out of the democratic caucus for sharing information with the republicans at the time in order to get Reagan's budget passed).

He has a PhD in Economics from University of Georgia, and taught economics at Texas A&M from 1967 to 1978. He has also been rumored to have been considered for the Presidency of Texas A&M on at least a couple occasions. There were also rumors he was in consideration to be the Treasury Secretary in Bush’s second term. More tidbits from Wikipedia:

Gramm served on the Senate Budget Committee from 1989 until leaving office in 2003. Gramm and Senators Fritz Hollings and Warren Rudman devised a means of cutting the budget through indiscriminate, across-the-board spending cuts if deficit-reduction targets were not met. They were successful in making the Gramm-Rudman-Hollings Act law, but portions were ruled unconstitutional and other sections have largely been superseded by other budget-controlling mechanisms. Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which modernized Depression-era laws separating banking, insurance and brokerage activities. Between 1995 and 2000 Gramm, who was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, received $1,000,914 in campaign contributions from the Securities & Investment industry.

As a senator, Gramm often called for reductions in taxes and government spending. He employed his "Dickie Flatt Test" to determine if federal programs were worthwhile (Dickie Flatt was a printer in Mexia, Texas, and a longtime Gramm supporter). In Gramm's eyes, Flatt embodied the travails that a typical Texas independent small businessman faced in the realm of taxation and government spending.

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maybe I'm just whining

I dont doubt the credentials Gramm has but I question his motives of his actions. Lots of actions he has taken resulted in bad side effects for the economy and resulted major gains for big investors. And being vice chairman for UBS im sure he knew of the $20 billion in assets hidden . I 'm sure he has a plausible deniability lined up to protect himself.

I forgot to put "and" between lobyist and vice chairman in my above post. Another reason not let congressmen become lobyist

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No problem. Always appropriate to question the motives of politicians, bureaucrats, and candidates.

I just wanted to address you initial question of why he is part of the campaign. He is not a lightweight when it comes to economic issues.

I became something of a Phil Gramm fan back in the day, when the Gramm-Rudman-Hollings act was passed. I still think that the country would be much better off today if that law had been allowed to stay in effect, and had been enforced on an ongoing basis ever since it's passage.

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I just saw a report that said Gramm stepped down as McCain's campaign co-chair. Unclear if he is still on board as an economic advisor or not...

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I was concerned with the reports of Gramm and UBS. I think Its good he stepped down. I'm not a McCain supporter but I do respect a lot of what he has done in and out of office.

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great guy that Gramm, Ive gotta go check the mental condition of my wallet, I can hear it whining for some Texas Crude.

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