If undermining the National Security is a crime, then John McCain's adviser Phil Gramm is a criminal...

[Fla Dem]

We are heading into territory that has not been seen since the Great Depression in the 1930's. We have one specific individual to blame for this current home mortgage foreclosure fiasco and that is former Senator Phil Gramm. In the spirit of the Republicans creed of less regulation, Gramm pushed through in the wanning days of 1992, a legislative package prepared by financial industry lobbyist called the Commodity Futures Modernization Act. At the time Warren Buffett labeled the risky new investment instruments “financial weapons of mass destruction.” Well those financial weapons of mass destruction were real, unlike the other WMD supposedly in Iraq and they have detonated. The following article by David Corn in Mother Jones is long and detailed. But take the time to read it so when your republican neighbor, family member, work associate etc starts lamenting about the horrible mess we are in you'll be able to tell them who is to blame.

Today's Headlines

U.S. nears rescue plan for Fannie and Freddie
Deal said to involve change of leadership, infusions of capital
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives and prop them up financially, federal officials told the two companies yesterday, according to three sources familiar with the conversations.

more.... http://www.msnbc.msn.com/id/26567533/

Rescue cost: The big unknown
A government takeover of Fannie Mae and Freddie Mac can take many forms, and so could the cost to the U.S. Treasury.
Last Updated: September 6, 2008: 7:01 PM EDT

NEW YORK (CNNMoney.com) -- If only it were the $64 million question. The taxpayer bill for rescuing Fannie Mae and Freddie Mac could turn out to be the $64 billion question. Or more - or less.

The fact is: Nobody really knows yet.


more..... http://money.cnn.com/2008/09/06/news/economy/Fannie_Freddie_rescue_cost/index.htm?postversion=2008090619


Mother Jones Article

Foreclosure Phil
By David Corn

July/August 2008 Issue

McCain campaign adviser is to blame for the biggest financial catastrophe of our time.....more

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