Barack Obama’s gang of supporters in Congress has been trying to come up with some pretext to Wall Street troubles to John McCain. Today, with tortured logic, they contrived a connection with legislation passed in 1999. Unfortunately for Obama their bumbling attack turned into a friendly fire fiasco.
Former Senator Phil Gramm, a genuine expert with a doctorate in Economics was an economics adviser to the McCain Campaign until July when he stepped down after causing too much media blow-back when he observed, quite reasonably…
“We have sort of become a nation of whiners. You just hear this constant whining, complaining about a loss of competitiveness, America in decline…You’ve heard of mental depression; this is a mental recession.”
Obama Campaign’s spent several days hammering the allegation that McCain proved himself “out of touch” by taking advice from the insensitive Phil Gramm.
What does this have to do with the angst on Wall Street? Well, it seems that in 1999 the hated Phil Gramm co-sponsored legislation that repealed a previous law forbidding mergers of commercial banks and investment banks.
Senate Majority Leader, Democrat Harry Reid took to the Senate Floor this morning and bellowed:
“The same Phil Gramm who, as a senator, was responsible for deregulation in the financial services industries that paved the way for much of this crisis to occur…It was Phil Gramm who pushed legislation through a Republican Senate that allowed firms like Enron to avoid regulation and destroy the life savings of its employees, and it was Phil Gramm’s legislation that now allows Wall Street traders to bid up the price of oil, leaving us to pay the bill.”
Of course Reid and the rest of the Obamiacs are utterly unable to connect the dots to show how this 1999 law might have caused mortgage lenders to mis-evaluate millions of Borrowers’ ability to repay, resulting in the current Wall Street turmoil. Their simplistic, childish message is: It’s McCain’s fault because Phil Gramm, his adviser, sponsored the legislation.
Well, it turns out that they’ve made fools of themselves and Obama once again. Here are the facts:
- The Legislation in question was sponsored in the House of Representatives by former Representative Jim Leach who now works for the Obama campaign as head of “Republicans for Obama.” Leach even gave a speech at the Democratic National Convention!
- The Legislation passed the Senate in 1999 by a bi-partisan vote of 90 – 8, with a majority of Democrats voting yes.
- The same Harry Reid who was so full of sanctimonious indignation this morning voted yes in 1999.
- John McCain was absent from the Senate that day and thus didn’t vote.
- The legislation was signed into law by President Bill Clinton.
Earlier today Barack Obama said “Bush Policies” were the cause of losses on Wall Street. Now, his supporters are selling a claim that McCain is to blame for what has to be called a Clinton Policy!