Why Phil Gramm Belongs on Anderson Cooper's 360 as part of his Ten Most Wanted in the Wall Street Meltdown

I wrote to Anderson Cooper this morning encouraging the CNN news organization to add both Phil Gramm and Wendy Gramm to the Ten Most Wanted in the melt down of most peoples life savings. Yes a number of us have been complicit because of the ensuing panic. When someone cries "fire" in a crowded theater we often don't stand around waiting to verify the facts. Here's what I wrote to AC360....

"I am following your ten most wanted whose to blame. We should seriously consider the roles that both Wendy and former Senator Phil Gramm played in this debacle through both legislation Gramm attached to the Omnibus Budget Act which largely prohibited CDS from being regulated as a commodity. His wife was deeply involved in the decision not to regulate energy contracts which ultimately was part of the downfall of Enron.

Enron was the "canary in the coal mine" predicting the multi billion dollar collapse of that firm and the lost life savings of 100 of thousands of Americans.

Now we have the same thing at the hands of Phil Gramm with a multi-trillion dollar collapse and the lost life savings of millions of Americans. This time these two engaged in reckless behavior that literally cost most of us 40% of the value of our pensions and the losses aren't over yet."

If you want the full story on Phil Gramm's participation in this mess, please consider reading this article regardless of your political leanings.

http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

If you don't read any other posts, please read this one.

thanks
Phil