Phil Gramm's UBS work raises new lobbyist questions for John McCain

U.S. Sen. John McCain's presidential campaign faces questions regarding a top economic adviser's work for Swiss banking giant UBS Warburg.

Economist and former U.S. Sen. Phil Gramm is vice chairman of UBS Investment Bank and has lobbied Congress on the company's behalf.

UBS has been hit hard by the U.S. housing and mortgage meltdowns. The investment banking and mortgage industry has lobbied for less regulation in past years and is worried about potential federal actions to address the housing subprime bust.

Arizona is one of the hot spots for the slow housing market and problems with subprime mortgages.

http://www.bizjournals.com/phoenix/stories/2008/05/26/daily15.html?ana=from_rss

This Phil Gramm thing is the story that should get an hour on KO's next Countdown.

HUGE: Phil Gramm Ties to High Gas Prices

snip...

We've all heard by now the links that McCain economic advisor and former Senator Phil Gramm has to the subprime mortgage crisis. In essence, he was a lobbyist for UBS, which worked to deregulate the housing market, which in turn led to the current real estate fiasco. I'm not going to link to the stories; they're essentially common knowledge `round these parts. If you're in the dark on this issue, go see Olbermann's take fraom last night.

However, we now have documented evidence linking Gramm not only to the subprime crisis, but to the massive increase in oil futures trading, and thus the rapid increase in the price of gasoline. Thus, perhaps MAIN economic advisor is linked in no uncertain terms to BOTH causes of the current economic situation in the U.S. I submit that, in a reasonable world, this would sink McCain's campaign, particularly given his oft-quoted remarks about knowing nothing about the economy. If Phil Gramm is the guy he listens to, now we know WHY he's clueless regarding economics.

http://www.dailykos.com/story/2008/5/28/17835/8414/407/524367

Why Gas Prices Are So High.

snip...

Does it surprise you to discover that the US Senate investigated the rigging of the oil market by speculators in the summer of 2006 – and concluded that there was no supply and demand problem with oil? Did you know that their conclusion was that speculators were responsible for a 70 percent overcharge in the price of oil in the months leading up to the summer of 2006?

http://www.dailykos.com/story/2008/5/28/151946/272/493/524297

Now we all know how poor old "Granny" out in California felt, when ENRON was stealing from her and laughing about it on those famous ENRON tapes.

I posted this earlier if it will help.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=3356679&mesg_id=3356679

energy futures trading - there was something in the Farm Bill that would regulate this. Gramm advised McCain to oppose it.

We need to DU this, as only DU can do.

The Criminal Cronies will be stronger than ever, if McCain wins, or steals it in November....