Phil Gramm & Wall Street Bailout
The Gramm-Leach-Bliley Act gutted oversight of the
financial services industry, and that in turn led to the current crisis on Wall
Democrats, including presidential candidate Barack
Obama, are taking aim at Gramm for orchestrating passage in 1999 of a vast
financial industry modernization bill that knocked down market protections in
place since the Great Depression.
Critics blame that bill for the today’s financial breakdown.
“Just look to the man John McCain hired to tell him what to say on his
economy,” Reid said Wednesday. “The last person I want whispering in the ear of
the next president of the United States is the chief architect, the No. 1
cheerleader for the elimination of responsible oversight.”