Thursday, January 08, 2009 | 1:53 a.m.

McCain and the Meltdown

by Froma Harrop

"The fundamentals of our economy are strong," John McCain said as Wall Street went into white-knuckle panic over diving investor confidence. Does he believe that? It doesn't really matter, because the Republican has outsourced his economic policy to the ideologues whose opposition to regulations brought the financial markets to their knees.

McCain's former economic adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, ...

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10 Comments | Post Comment
Posted by: Ralph W.
Comment: #1
Fri Sep 19, 2008 8:57 AM

Excellent column. Even my conservative dad likes some of your previous writing. Phil Gramm was my one of Senators back when I lived in Texas...and I am not at all surprised that he slid such a piece of dangerous legislation through. This kind of legislating (ie: Congresspeople passing massive bills that no-one reads all the way through) is far more dangerous to our nation than earmarks! Keep up the good work, ma'am.

Posted by: David Chili
Comment: #2
Mon Sep 22, 2008 12:40 PM

Re: William Haupt You could write a better column than Froma, there's something about the truth that's much more readable than garbage, lies and propaganda!

Posted by: Donna Dillon
Comment: #3
Sat Sep 20, 2008 11:27 AM

Thank you so much for this article. We are at a challenging economic crisis and still pouring billions into the war with Iraq, while our infrastructure, economy, health care and people are suffering. Wake UP America! McCain is just more of the same. We can't afford more of Gramm's self serving economic policy!

Posted by: david l. israel
Comment: #4
Sat Sep 20, 2008 9:41 AM

re: Froma and the Wall Street melt down column: Great column: I found it of such interest I had copies made and distributed them to the in-house mail boxes of the almost 1000 residents of our retirement community here in Medford, Oregon. Everyone in the country suffers from the economic pain we just lived through. Froma helped explain, in simple English, one of the major causes of the meltdown. Many thanks. david l. israel 1200 miramar Ave. Mewdford, Oregon

Posted by: Tom Josh
Comment: #5
Sun Sep 21, 2008 9:24 AM

Excellent article. The GOP never seems to want to take responsibility for their actions and always willing to point the finger of blame. Hey GOP, grow up and admit to your failed policies of the past. Stop deflecting. Either lead, follow or get out of the way.

Posted by: Tom Josh
Comment: #6
Sun Sep 21, 2008 9:24 AM

Excellent article. The GOP never seems to want to take responsibility for their actions and always willing to point the finger of blame. Hey GOP, grow up and admit to your failed policies of the past. Stop deflecting. Either lead, follow or get out of the way.

Posted by: Tom Josh
Comment: #7
Sun Sep 21, 2008 9:24 AM

Excellent article. The GOP never seems to want to take responsibility for their actions and always willing to point the finger of blame. Hey GOP, grow up and admit to your failed policies of the past. Stop deflecting. Either lead, follow or get out of the way.

Posted by: rick
Comment: #8
Thu Sep 18, 2008 10:24 AM

Specifically, what was Senator Mccain's vote on the Gramm legislation mentioned in your column today? thanks rick

Posted by: Ben Ewing
Comment: #9
Thu Sep 18, 2008 3:04 AM

I just read your column in the Nashville Tennessean. You probably should put a Obama campaign banner under your name. Then at least readers would know who is giving the message. Remember a fellow named Bill Clinton? The President who could do no wrong, except lie, cheat and steal. I don't suppose any of his financial policy positions have had anything to do with the current financial panic which the media loves to discuss prior to every election cycle. When you write your next bunch of BS be sure and put the Obama banner under your name so everyone will know where your liberal dribble is coming from.

Posted by: William Haupt
Comment: #10
Thu Sep 18, 2008 6:43 AM

Get you facts straight lady! Bill Clinton is responsible for the repeal of the Subprime Meltdown when he begged congress to repeal the Glass-Steagall Act in 1933. The democrats are responsible for all of the economic problems we have in this country by making promises to minorities and low income whites to give them a free home in exchange for their votes. Most American citizens who have been born here are aware of this. I find your comments totally insulting and as usual, coming from an Obama supporter, without merit or logic. Anyone who wants to trust this coutry to a person with a checkered past, who has 143 days of public office experiene has got to be against America or just plain out of touch with reality! For your infomrtion, Clinton vowed to veto the Senate version of the bill unless it was re-written to include "requirements that banks make loans to minorities, farmers, and others who have had little access to credit." The new version passed 90-8 in the Senate, passed the House, and Clinton signed it into law. Clinton's required reworking of the bill should be studied closely to see what role, if any, it played in illegal, often racist, subprime loans at higher rates than Caucasian borrowers were offered.Days before the act passed, Clinton's Secretary of the Treasury, Robert Ruben, resigned. As Secretary of the Treasury, Rubin had oversight over enforcing the Glass-Steagall Act. While the resignation at the time looked like Rubin had been against repealing the act, that might not be the actual story. While Ruben had been critical of repealing the Act during the early stages, a year after resigning, Ruben took a cushy job with the newly formed Citigroup as Chairman of the Executive Committee, drawing a salary of $40 million a year, a position Ruben still holds. Again, get your facts straight lady! I have written every paper that publishes your column.

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