Some disturbing news out this week; John McCain’s good friend and a co-director of his campaign may be tapped to be the new secretary of the treasury or worse yet, commerce. Most of you only know the name is passing but many know it with a kind of bad taste in their mouth. Retired Texas Senator, Phil Gramm is long gone from the Senate, having retired in 2002, but his legacy is one we all have had to live with as of late.
It was Gramm’s legislation that was tacked onto a late night Bill that created the secondary banking industry, we have all come to know as the foundation for the recent credit crisis or more aptly promoted; mortgage crisis. Thanks to this poorly looked at addendum, and you got to wonder who was asleep at the wheel when this passed things like bailing our Bear Stearns to the tune of 30 billion dollars with your money are now the way of the land. Additionally Phil was key in getting all of the, “loopholes” passed that enabled that company, you remember the name, “ENRON” to get away with all they did.
Gramm, who now works for the very people he use to regulate, has been a prominent member of the McCain/Bush presidency. He serves as a co-chair campaign manager for McCain with an agenda some might say. While McCain tries to distance himself in the press from the Bush legacy, the addition of this former Senator to any cabinet, would serve to show us all otherwise.
In other news the big oil companies are ready to go back into Iraq. After years and years of being locked out of one of the most lucrative oil fields in the world, Exxon, Mobil and the other big boys feel it is safe to open up shop there again.
Fresh back after his lame duck trip to meet the heads of Europe and sing the blues over the words energy mess he helped create, Mr. Bush has decided that its now safe to off shore drill. He has started a new initiative to get back into Alaska into Anwr and start drilling there as well When Jeb Bush was Governor of Florida he was opposed to off shore drilling as was his Dad the former President Bush. Both of course with interests and property on the coast. George however is an oil man who goes where the oil is.
The Supreme Court t is just getting around to dealing with the Exxon Valdez lawsuit. How long do you think it would take to get around to a spill off the coast of say New Jersey? Anyway the next time someone says they don’t watch the news because it is so depressing, this week, you might just have to agree with them.