Sucking Up to the Bankers: A Bipartisan Lovefest

Posted on Jul 29, 2008
Obama and economic advisers
AP photo / Jae C. Hong

Sen. Barack Obama meets with his economic advisers Monday in Washington. From left: former Federal Reserve Chairman Paul Volcker, Obama, Service Employees International Union Chair Anna Burger, former Treasury Secretary Robert Rubin and New Jersey Gov. Jon Corzine.

By Robert Scheer

This is a time to condemn the bankers, not to embrace them. They are the scoundrels who got us into the biggest economic mess since the Great Depression, lining their own pockets while destroying the life savings of those who trusted them. Yet both of our leading presidential candidates are scrambling to enlist not only the big-dollar contributions but, more frighteningly, the “expertise” of the very folks who advocated the financial industry deregulations at the heart of this meltdown.

Republican candidate John McCain even appointed as his campaign co-chairman Phil Gramm, who went from being chairman of the Senate Banking Committee, where he sponsored disastrous legislation that empowered the banking bandits, to becoming one of them at UBS Warburg. Gramm was forced to resign from McCain’s campaign only after he went public with his contempt for the financial concerns of ordinary Americans, calling them “whiners” and perpetrators of a “mental recession.”

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