The Guy that layed the Golden turd; Phil Gramm

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.

Strong fundementals from a nation of whiners?

John McCain NAILS IT !! Fundamentals of Economy STRONG !!


Phil Grahm - McCain's former economic adviser July 9, 2008

"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."

"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.

"We've never been more dominant; we've never had more natural advantages than we have today," he said. "We have benefited greatly" from the globalization of the economy in the last 30 years.

McCain Responds to Phil Gramm "Mental Recession" Comments July 10, 2008


McCain: "Fundamentals of Economy Are Strong" September 15, 2008 JUST DAYS BEFORE THE BAILOUT PROPOSAL


Why would McCain like to president....DId he just lie in a church, no shame, no shame.


Why isnt Obama using this stuff, its not like its made up. They are the words of the Republican Nominee for President of the United States.