The “Enron Loophole” that Gramm and McBush took through Congress has truly cost our nation.
Part of the rapid spike of costs recently is the runaway activity of Wall Street – subprime, food commodity and oil prices – that’s aided by Phil Gramm’s and John MCain’s Commodities Futures Modernization Act that stopped regulation of electronic trading.
Obama is acting to close this loophole fast. [news search]
These days, radical jingoist Texas Senator Phil Gramm is the ‘economic brain’ of McBush.
Awhile ago both he and McCain were implicated in America’s largest bankruptcy, the much too forgotten fall of Enron. It was the year 2000 when Enron – “with Gramm’s wife Wendy serving on its board of directors” – was found criminally pushing up electricity costs in California while hoping to rescue itself from cash collapse.
Consortium News published a report on these shenanigans May 19, 2008.
It’s tough to look behind the scenes to learn what seasoned politicians can do with slogans that favor their buddies and shape our opinion rather than reveal the truth.
McBush is stumping for extra billions to pipeline into the coffers of energy giants while, typically, he cuts away at the Farm Bill and many other domestic programs and incentives, because, they say, Phil Gramm is against introducing any “regulatory language” that will spill onto market traders.