NO.Commodity Futures Modernization Act
http://www.texasobserver.org/article.php?aid=2767
In December 2000, when U.S. Senate rushed to pass the government reauthorization bill, the Senate tacked on a complex, 262-page amendment at the urging of Texas Sen. Phil Gramm.
Gramm promised that the amendment — also known as the Commodity Futures Modernization Act — along with other landmark legislation he had authored, would usher in a new era for the U.S. financial services industry.
“The work of this Congress will be seen as a watershed where we turned away from an outmoded Depression-era approach to financial regulation and adopted a framework that will position our financial services industry to be world leaders into the new century,” Gramm said.
Phil Gramm’s Amendment served to degregulate futures trading and speculating.
Phil Gramm’s deregulation amendment brought us the predatory lending that led to today’s mortgage crisis.
Phil Gramm’s deregulation amendment brought us unconscionable futures trading in crude oil that causes the price of a barrel of oil to triple by the time it reaches us from the Middle East, Canada, and Mexico.
Senator Phil Gramm is an ex Republican senator from Texas oil country. Senator John McCain, at a fundraising speech in Texas today proposed a to lift the ban on offshore drilling as a way to combat today’s high oil prices. But is the oil currently being drilled in the US any cheaper? No. There is no difference in cost between locally drilled oil and imported foreign oil. In fact, it was even determined that if we flooded the market with oil from US reserves, it would not make much difference in the cost of gallon of gas at the pump. This is because of Phil Gramm’s deregulation amendment – as long as crude oil is freely traded on the deregulated commodities market, oil, gas, and food prices will remain high.
We need to tell John McCain to to stop playing games with us. We, the American Public, are not stupid. We have embarked on a new era of American politics – and we will hold him accountable. He cannot propose green energy one day, drilling the next, and hope that we don’t realize that our pain at the pump is lining the pockets of the big corporate investors.
So who exactly is Phil Gramm? He’s a former Republican senator from Texas. Phil Gramm currently holds the title of “McCain’s Economic Brain.” He is John McCain’s chief economic advisor. Now go back and read this email from the top and ask yourself – If McCain relies on Gramm for his economic policy, is he really working for you?
http://money.cnn.com/2008/02/18/news/newsmakers/tully_gramm.fortune/index.htm?postversion=2008021917
I don’t think any president has a lot of control over the economy.
Next time, paraphrase the article, I doubt anyone is going to read it.
Thanks for the source. No one here will understand it, or will pretend not to, but it really is fascinating how the Republicans are responsible for the rise in gasoline prices and speculation.
Fascinating is the wrong choice of words, but it is all I can do to remain polite!
Someone was nice enough to want a simplification: $5. 00 per gallon gas (that’s not quite fair, since there are other factors, but most of the bubble in oil and gas has do with oil futures speculation, margin requirements and the like).
count on it ! obama is a radical marxist that would love to turn the USA into a socialist utopia. . . . . . . . . . . . yep,everyone equally miserable.
Nothing will change. Neither of these guys has any brain and nothing they think they can do will make a bit of difference. What WILL make a difference in the price of gas at the pump is to nuke India and China and kill off 2-3 billion people. That will cut the demand considerably. This, however, is not a solution anyone would dare even suggest, except me, because frankly, my dear, I don’t give a damn.
I think oil prices will drop regardless of who becomes president, oil seems to be highly over priced and artificially inflated at the moment, and when oil prices collapse (the bubble breaks) businesses will no longer be as strapped as they have been and people should be able to breathe easier again.
Iran announced that oil prices have been heavily artifically inflated, that supply is strong and demand low, that the entire oil run up was engineered and by us (U. S. , OPEC, and the like), not them.
There is a better chance of the economy recovering under Mccain than Obama. Obama’s policies are identical to Carter’s, and we know where that went. Additionally, Obama’s tax policies will further stifle economic growth.
Show me the price of a barrel of oil and I will tell how the economy is doing.
Drill here, drill NOW. Nuclear power plants out side every large city and refineries to be built immediately!
Doesn’t anyone consider economc history? Of course the economy will improve sometime. The economy goes up and down in cycles regardless of who is president. It’s not like the president has his hands on the control of the economy. Congress actually has more influence.
No none, but The American people will not stand for $5. 00 gas and a ruined economy with the bonus of 100 more years of war at 12 billion dollars per week. McCain looses. and takes down the entire Republican brand with him.
no hope. if mccain is elected gasoline will be $10/gal by thanksgiving.
so, where does this Phil Gramm live, Texas~?, damn,~! when will people learn~!!!
so, this dude has done some major screwing up of things and needs to be outed~!!!
thanks for the info, actually i DO give a damn, and i am set up for life, a Disabled Vet, with life-time Medical and Social Security and Veterans Pension, the Old School Benefits~!!!
and i would actually like to see the new crop of Vets get a fair deal like they was promised~!!!
and just because McCain was a POW doesnt mean i want him runnin things~!!!
neither candidate will have a big impact on the economy, thats up to congress. AND DO U SERIOUSLY THINK OBAMA WILL STRENGTHEN THE ECONOMY!?!??!? he wants a salary tax of 30%!!! and no free trade. his healthcare plan sure isnt cheap along with his other social programs that we’re paying for. and i could have summed up wut u just said in 3 sentences
No possible way. The biggest reason is the war. Those billions of dollars are desperately needed here.