Michael Hoffman – ” ‘Whiners?’ Phil Gramm is a pimp for corporate criminals”

http://revisionistreview.blogspot.com/2008/07/whiners-phil-gramm-is-pimp-for.html

‘Whiners?’ Phil Gramm is a pimp for corporate criminals

Michael Hoffman | July 11, 2008

Anyone who lived on the West Coast during the phony energy crisis of 2000 and 2001 cannot help thinking of Texas and two of its worst products — Enron and a politician… named (Phil Gramm)…What happened during the great energy heist at the start of the new century was like an extended bad dream, part “Twilight Zone” and part “Chinatown,” the extraordinary 1974 film about water manipulation and long-buried secrets. The price of energy spiked — tenfold, a hundredfold — despite low demand. Californians became the most efficient users of power in the nation, and still suffered through dozens of rolling blackouts. None of it added up.

…We now know, of course, that the problem eight years ago was caused by manipulation by Enron and other speculators who gamed a faulty system, sticking it to Grandma Millie while laughing at how easy it was to rob 40 million people.

Now consider the present dilemma: oil doubling over the last year, gas at $4.50 a gallon in places and the oversized influence of speculators in a market where few used to tread. Big investors are free to run up oil futures contracts thanks in part to former Senator Phil Gramm. He is the Texas Republican who co-sponsored the so-called Enron loophole in 2000 at the behest of what was later found to be one of the nation’s biggest criminal enterprises.

Enron may be gone, but its legacy lingers in the work done by politicians who did its bidding. And Gramm, who once told corporate contributors, “I have the most reliable friend you can have in American politics, and that’s ready money,” is now the chief economic adviser to Senator John McCain. Gramm’s role in helping to unleash energy speculators has been well-documented in recent months… -Timothy Egan, New York Times, June 25, 2008

***

McCain Adviser Refers to “Nation of Whiners”

…one of his (Senator John McCain’s) top economic advisers was quoted Thursday (July 10) as saying that the United States was only in a “mental recession” and that it had become a “nation of whiners.”

The adviser, former Senator Phil Gramm, Republican of Texas, sought to clarify his remarks Thursday…But it was too late to keep from complicating things for Mr. McCain…Mr. Gramm (is) McCain campaign co-chairman (and) UBS Investment Bank vice chairman…” -New York Times, July, 2008

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Published in: on July 13, 2008 at 9:54 AM  Leave a Comment  

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