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Thu Dec 12, 2019, 09:07 AM

Rectify the mess Phil Gramm made and a lot is possible.

Last edited Fri Dec 13, 2019, 08:55 AM - Edit history (1)

Phil Gramm is of the right wing winner take all and solve your own problems. This country would be enjoying prosperity for all if most of the investment money wasn’t stagnated in non productive side bets which is essentially what derivatives are. The passing of Phil Gramm’s Commodities Futures Modernization Act sabotaged our economy by massive deregulation, legalizing previously illegal trading, reclassifying and opening up the definition of futures and doing away with the major laws made to prevent another collapse. 2008 was not enough of a warning to stop dangerous financial practices. Right after leaving the Senate Phil Gramm went to work for UBS. (His time at UBS is very dark and UBS is in trouble). Below are results helped by Gramm’s CFMA he rushed through with a last minute vote.

The derivatives market is, in a word, gigantic – often estimated at more than $1.2 quadrillion on the high end.

https://www.investopedia.com/ask/answers/052715/how-big-derivatives-market.asp

Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton—the Gramm–Leach–Bliley Act—was significantly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[22][23] The Act is most widely known for repealing portions of the Glass–Steagall Act, which had regulated the financial services industry.[24] The Act passed the House and Senate by an overwhelming majority on November 4, 1999

https://en.m.wikipedia.org/wiki/Phil_Gramm

Tax Reform Unleashed the U.S. Economy
The Wall Street Journal
ECONOMICS

Phil Gramm
March 4, 2019


https://www.aei.org/articles/tax-reform-unleashed-the-u-s-economy/

Gramm’s comments and ideas above in the WSJ article are exactly what almost collapsed the economy in 2008. Secular is the key word.

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Reply Rectify the mess Phil Gramm made and a lot is possible. (Original post)
Prosper Dec 2019 OP
Kid Berwyn Dec 2019 #1
blm Dec 2019 #3
Prosper Dec 2019 #4
UpInArms Dec 2019 #2
Proud Liberal Dem Dec 2019 #5
UTUSN Dec 2019 #6
Proud Liberal Dem Dec 2019 #7

Response to Prosper (Original post)

Thu Dec 12, 2019, 09:16 AM

1. Phil saw S&Ls were legally looted.

He and his co-conspirators did the same Deregulation Voodoo to the banks.

In both cases “They” got the money and the taxpayers got the bill.

From DU in 2008:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4055207

ETA: were we’re weird

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Response to Kid Berwyn (Reply #1)

Thu Dec 12, 2019, 10:06 AM

3. Absolutely

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Response to Kid Berwyn (Reply #1)

Fri Dec 13, 2019, 09:45 AM

4. Thanks for the link. Amazing how big money crooks are not one tolerated but honored.

They take advantage of the majority of people that just want a steady job so they can live. Most people are not obsessed with creating abject poverty. Big money is not satisfied with big money. All things being relative more money than they can spend lead the worst of them to inflicting misery. Even the best can’t help but feeling chosen to blame poor people for their financial situations citing poor decisions and lack of motivation. Thanks again.

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Response to Prosper (Original post)

Thu Dec 12, 2019, 09:46 AM

2. Married to Wendy Gramm

Enron loophole

The "Enron loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.[1]

The "loophole" was enacted in sections § 2(h) and (g) of the Commodity Futures Modernization Act of 2000, signed by U.S. president Bill Clinton on December 21, 2000.[1] It allowed for the creation, for U.S. exchanges, of a new kind of derivative security, the single-stock future, which had been prohibited since 1982 under the Shad-Johnson Accord, a jurisdictional pact between John S. R. Shad, then chairman of the U.S. Securities and Exchange Commission, and Phil Johnson, then chairman of the Commodity Futures Trading Commission.

In September 2007, Senator Carl Levin (D-MI) introduced Senate Bill S. 2058 specifically to close the "Enron Loophole". This bill was later attached to H.R. 6124, the Food, Conservation, and Energy Act of 2008, also known as "The 2008 Farm Bill". President George W. Bush vetoed the bill, but was overridden by both the House and Senate, and on June 18, 2008 the bill was enacted into law.

Wendy Gramm, Senator Phil Gramm's wife, coincidentally was the former chairman of the Commodity Futures Trading Commission.[when?] After leaving the CFTC,[when?] she took a seat on Enron's board of directors.[when?][2]

On June 22, 2008, then U.S. Senator Barack Obama blamed the "Enron loophole" for allowing speculators to run up the cost of fuel by operating outside federal regulation.[3]

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Response to Prosper (Original post)

Fri Dec 13, 2019, 09:47 AM

5. According to Wikipedia he's still alive?

He was a real douche during the Clinton years.

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Response to Proud Liberal Dem (Reply #5)

Fri Dec 13, 2019, 11:20 AM

6. If alive, only in biological terms. Was a dead soul all his life.

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Response to UTUSN (Reply #6)

Fri Dec 13, 2019, 12:15 PM

7. Important point LOL

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