Wednesday, July 23, 2008
Posted by Jim Hightower
Hoo-boy, what a scream Phil Gramm is!
He’s the sour old former-Texas senator who, in 2002, leveraged his chairmanship of the banking committee into a sweetheart job as chief lobbyist for UBS, a giant investment bank on Wall Street. He’s also tight with John McCain, who made Phil his campaign co-chair and top economic advisor last year.
McCain, who has admitted that he doesn’t know much about economics, counts on his old senate buddy so much that Fortune magazine dubbed Gramm, “McCain’s econ brain.” The two say they confer every day, and McCain recently gushed: “I respect no one more in America on issue[s] of economics than I do Phil Gramm.”
Imagine the senator's surprise, then, when his econ brain recently began sputtering out elitist vitriol about the hoi polloi. Gramm said he has no patience with all these stories about people facing hard times, declaring that America has “sort of become a nation of whiners.” The economy is fine, pronounced the economic doctor, except that people have fallen into “a mental recession.”
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