Phil Gramm the man who said"We are experiencing a mental recession" had no trouble accepting $54 billion of dollars to bailout the "investment" bank UBS. The reason I said he had no trouble accepting it is because he is just not a board member or lobbyist for UBS, he is the Vice Chairman of UBS.
"The Swiss government injected six billion francs into banking giant UBS onThursday, and the central bank lent it 54 billion dollars to transfer its non-liquid assets into a separate fund....Eugen Haltiner, president of Federal Banking Commission, told journalists that the step was necessary because "trust in UBS has seriously suffered" owing to the subprime crisis and general financial turmoil. In an indication of how much of a pounding the bank's once-solid reputation has taken, customers withdrew nearly 84 billion Swiss francs worth of assets from UBS during the third quarter, it said in a statement...UBS's wealth management and business banking division saw clients withdraw a net 49.3 billion Swiss francs, "with a significant part of the outflow taking place in the last few weeks of the quarter," it said...[ZURICH (AFP)]"
Way to go Phillip! Another piece of proof that every time you touch something it is guaranteed to lose money. You just identify what is happening as capitalism, as long as Phil Gramm makes money the economy can't fail.
Phil Gramm produced porn during the Nixon administration & lost money.[The Nation]
The Porn industry is a 10 billion dollar industry according to Steve Croft and 60 minutes. How does he fail in an industry that is that profitable, how can Gramm even be referenced as a reliable economic advisor.
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