Phil Gramm to Step Down as John McCain's Co-Chair

Paul Kiesel

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Phil Gramm, the former "deregulating" senator from Texas, will step down as John McCain's co-chair, CNN reports.

Phil Gramm received very bad press last week when commenting on American's and their views on the U.S. economy:

Former Senator Phil Gramm told the Washington Times that he does not think the economy is doing as poorly as the general media reports. In fact, Gramm suggests that the country is not in a recession, rather, the country is in a "mental recession" and that America is a "nation of whiners."

These non-sensical statements come from a man who not only helped propel the current mortgage meltdown back in 2000 with his Commodity Futures Modernization Act (helping deregulate the lending industry), but from an individual who claims the nation's economic struggles are imaginary. Because gas prices aren't 50% higher than they were seven months ago, right? Foreclosure rates? A weakened dollar? (Paul Kiesel, InjuryBoard.com, 7/10/08)

Overall, Gramm stepping down is very good news. Regardless of who wins the upcoming presidential election, we now know that Phil Gramm will not be the next Treasury Secretary and will no longer be able to influence the economy negatively, at least in such an impacting way as he had in the past, since Gramm is credited with bringing about one of the most detrimental deregulation bills over the last decade -- Commodity Futures Modernization Act of 2000 -- thus, allowing the Enron-debacle and the subprime mess.