Rectify the mess Phil Gramm made and a lot is possible. [View all]

[Prosper]

Last edited Fri Dec 13, 2019, 09:55 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.