Elephant in the Room

McCain’s attempt to hit a populist note in response to recent economic events is a joke. Lest anyone forget, the chief architect of the both the Commodity Futures Modernization Act of 2000 (which allowed Enron to happen) and the Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities, was Phil Gramm.

No wonder this is the greatest financial meltdown since the Great Depression.

Phil Gramm has stepped down as the McCain campaign co-chair, and chief economic advisor, but he still acompanies him everywhere, and still advises him on economic and financial matters. Granted, Bill Clinton signed those bills into law, and the Leach in Gramm-Leach-Bliley is now head of Republicans for Obama, but still...

So to have McCain rally around the excesses of corporate greed and the need for more stringent government oversight is insulting. Does he think we’re stupid?