McCain's Economic Advisor To Benefit From Bailout

Via Josh Marshall: someone in the media should ask Sen. McCain what role his top economic advisor, Phil Gramm, who is both vice chairman of UBS's US division and a lobbyist for UBS, had in successfully lobbying for a piece of the $700 billion pie:

Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.

On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.

I repeat: John McCain’s economic advisor will directly benefit from this bailout.

Now that’s what I call mavericky.

Every time McCain mentions his support of the bailout plan it should be noted that his chief economic advisor will benefit. News media: do your job.

What The Other America Thinks

If you have a hard time making ends meet in a world of $4/gallon gasoline, you’re just a bunch of whiners. At least, that’s what former Texas Senator Phil Gramm, John McCain’s economic advisor, told the Washington Times:

"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.

"We've never been more dominant; we've never had more natural advantages than we have today," he said. "We have benefited greatly" from the globalization of the economy in the last 30 years.

Mr. Gramm said the constant drubbing of the media on the economy's problems is one reason people have lost confidence. Various surveys show that consumer confidence has fallen precipitously this year to the lowest levels in two to three decades, with most analysts attributing that to record high gasoline prices over $4 a gallon and big drops in the value of homes, which are consumers' biggest assets.

"Misery sells newspapers," Mr. Gramm said. "Thank God the economy is not as bad as you read in the newspaper every day."

By the way: is this elitist? Because I can’t tell anymore. I think these kind of statements are only elitist if a Democrat says them.

It certainly shows how out of touch Phil Gramm is from the lives of ordinary Americans. You know, I don’t think it’s the headlines that have caused Americans to lose confidence, it’s their own experience. It’s the fact that there’s too much month at the end of the money, and the cost of gas and groceries have made things like healthcare a luxury. It’s the fact that President Bush’s $64 billion economic stimulus plan fizzled like a soggy firecracker.

But let’s blame the media and call Americans facing real economic trouble “whiners.” And remember: telling people that their economic woes are all in their head is never, ever elitist.

(Via ThinkProgress)