Thursday, September 18, 2008

McCain Economic Plan: A Disaster For The Country

Alan Greenspan Calls the McCain Economic Plan a Disaster for the Country: By E. Nelson

Much of the current Republican attitude, that has led to this mess, started with Ronald Reagan famously saying, "Greed is good". But if any one single event could be most directly linked to the current financial mess it would be the reversal of the Glass-Steagall act back in 1999. Led by the Republican controlled congress Phil Gramm, McCain's current top economic advisor, successfully repealed the Glass-Steagall act of 1933 which was put into place after the "Great Depression" and which established the Federal Deposit Insurance Corporation (FDIC) and provided regulations designed to control dangerous speculation within the banking industry.

Phil Gramm was the chief architect for the Gramm-Leach-Bliley Act which repealed much of the Glass-Steagall act and was eventually signed into law by Bill Clinton on November 12th, 1999. Do we really want a president who yesterday said to an audience in Jacksonville, Florida that the economy is strong on the same day the stock market plunged 504 points and whose top economic advisor thinks the American people should stop whining about their economic woes?

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. I.U. has no affiliation whatsoever with the originator of this article nor is I.U endorsed or sponsored by the originator.)

The Nazis, Fascists and Communists were political parties before they became enemies of liberty and mass murderers.

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