300 reasons I would vote for used gym socks if it would keep John McCain out of office

May 29, 2008

Reason #52

Filed under: Ethics Problems,Fair Elections,hypocrite,Poverty,The Economy — 300reasons @ 3:33 pm

At this point, I don’t trust McCain as far I can throw him.

The Raw Story reports on the latest in McCain’s long line of lobbyist problems:

Former Texas Senator Phil Gramm has been advising McCain on economic issues since 2006. The two men have been friends for many years, and Gramm is considered a likely treasury secretary in a McCain administration. Gramm is a major proponent of deregulation and was deeply involved as a senator in passing bills — from which his family benefited financially — which led to both the California energy crisis and the current banking crisis.

Gramm currently serves as a vice chairman at the Swiss bank UBS, which he joined in 2002, shortly before he left the Senate. He was their registered lobbyist from 2004 until April 18 of this year, a period of time during which UBS was lobbying to kill the Predatory Lending Act, the Emergency Home Ownership and Mortgage Equity Protection Act, and the Helping Families Save their Homes in Bankruptcy Act.

Gramm was still actively lobbying for UBS on March 26, when he contributed to a speech in which McCain recommended further deregulation as a response to the mortgage crisis. Talking Points Memo notes that “UBS is among the banks worst hit by the global credit crisis,” with about $37 billion in assets tied to bad US mortgages.

So when the mortgage crisis hit—in large part because of the actions of lobbyists like Gramm—McCain suggested further deregulation as a solution (even though deregulation caused the crisis in the first place) because Gramm was advising him.

Sounds like a solid combination of untouchable ethics and excellent judgment. Exactly what we’re looking for in a Commander-in-Chief.

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