A few months back I characterized former senator Phil
Gramm as irrelevant after he used that term dismissively
about Glass-Steagall, the prescient 1930's two acts reining
in the banks. I hadn't known what he's currently up to, or I
would have castigated him for more recent atrocities
now affecting the entire U.S.
Sen. Gramm's opinions about "irrelevant regulations"
seemed unimportant--after all, he was (thank you, Texas!)
not reelected. But wait--where is he now?? He's a vice-
chairman of ZURICH'S UBS, the huge foreign bank which
has received a multi-billion bailout from THE FEDERAL
RESERVE. The Fed, now banker to the world??
According to VT Independent Senator Bernie Sanders,
quoted in a December 2nd, 2010 Bloomberg article,
that's a damned good question, which he and others
are assiduously pursuing. (--yahoo!)
All I can say is, where is a Phil Gramm look-alike
doll when I need one! (-To stick pins into, that is.)
Talk about "voodoo economics"! This last decade in the
U.S. economy seems like The Wild West, Caribbean Voodoo
Ceremonies, or treks to the Oracle at Delphi for
sage answers, etc., with all the exotic financial
instruments promoted by greedy idiots who'd taken leave
of their senses (lacking any reality-based sense, common,
uncommon, inspired or otherwise).
Meanwhile, certain pronouncements from U.S. think tanks
verge on the obviously fantastic, essentially claiming
the Fed must engage in loans to overseas banks. But
was such a practice in its original (or even current)
Is the United States still a sovereign nation?--With
geographical borders which have economic boundaries
as well?--Or just a gigantic corporation thoughtlessly
run by omnipotent oligarchs rolling roughshod over the
rest of us? (We need Teddy Roosevelt and cousin FDR
Somebody call me when there's a concerted plan based on the
greatest good for the greatest number.
Until then, find me that damn Gramm doll!