JMak

Can't edit the original post.

This link should work.

JMak

I simply asked you to identify your sources of information. I have read what I have read about the AIG crisis. My only issue with you is blaming Gramm as the root cause of it. I haven't seen that in the analyses I have read about AIG's meltdown.

See? That's what I am addressing. Your unsubstantiated assertion that Gramm, individually, made this possible.

The links you provided do not establish that this crisis has been caused by Gramm's legislation or that Gramm is singularly to blame. That is YOUR argument.

You'll have to first establish this track record having been wrong before simply asserting such without any evidence.

No. I want YOU to substantiate YOUR argument.

Well?

I know the leading Democratic talking point right now is trying to tie this crisis to Gramm and then argue that McCain holds the same economic policy positions as Gramm.

It's a logical fallacy, of course...guilty by association always is.

So, are YOU gonna support YOUR argument or do you prefer to simply crib your claims and assertions from DNC talking points?

SouthernDemocrat

I am going to make this as clear and simple as I possibly can. The current crisis is a result of the unregulated Credit Swap Market. Thats been established in previous posts and sourced.

So then the question is, what made the Credit Default Swap market possible and for that matter legal:

Bloomberg.com: Worldwide

Who authored and championed the bill? None other than Phil Gramm, McCain's former Chief Economic Advisor.

So, lets break this down:

1. The current crisis was made possible because of unregulated Credit Default Swaps.

2. Unregulated Credit Default Swaps were made possible by the Commodity Futures Modernization Act.

3. Phil Gramm authored and championed the Commodity Futures Modernization Act.

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prrriiide

FORUM RULES (Forum Rules)

Southern Democrat has done exactly as the forum rules require. He has made his arguments and posted the relevant supporting links. The onus is now on you to follow the links to see the source materials.

This article cites a legal textbook that calls the CMFA “a stunning departure from normal legislative practice.”

This article says this about CMFA:

This is the now-infamous Enron loophole. What does the word "clandestine" mean to you?

ABC news has this to say about it:

What does "slipped into" mean to you?

Aside from the obvious double-entendre of what Phil Gramm's "clandestine" amendment is doing to each and every one of us that pay taxes.

GottaHurt

You left one out:

4. Bill Clinton signed it into law.

It covers a broad range of things.

Clandestine? You mean Bill Clinton didn't read what he was signing into law?

Where's Barney Frank in all of this? He heads up the House Financial Services Committee. He should have seen this coming.

I could possibly understand if one institution collapsed, but we have an avalanche of collapses and no mention of Barney Frank.

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Gill

Doesn't say much for Bill Clinton if he signed this bill without knowing what was in it, does it??

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Gill

You are being outrageously dishonest.

This bill was intorduced in the House by Rep. Thomas Ewing [R-IL] and cosponsered by Rep. Tom Bliley (R-VA) Rep. Larry Combest (R-TX) Rep. John LaFalce (D-NY) Rep. James Leach (R-IA).

In the Senate, it was introduced in the Senate on Dec. 15th, 2000 by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil Gramm (R-TX) Sen. Charles Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD).

Looks pretty bipartisan to me, yet you dishonestly portray it as coming from Gramm alone, who "sneaked" it onto another bill.

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There is so much unforced variability in the system which we can’t predict — the chaotic component of the climate system — which is not predictable beyond two weeks, even theoretically.
Gavin Schmidt, NASA GISS

independent_thinker2002

That's it. I'm not voting for Bill Clinton Nov. 4.

(Whew! Crisis averted.)

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independent_thinker2002

Tom Ewing is from my home town. He sucked.

So which is it. Bill Clinton is bad for signing it into law, or it was effective policy because it had bipartisan support?

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Gill

I didn't say it was good or bad.

__________________
There is so much unforced variability in the system which we can’t predict — the chaotic component of the climate system — which is not predictable beyond two weeks, even theoretically.
Gavin Schmidt, NASA GISS