Nothing I read there absolved Gramm. Far from it, he should have been very aware of the potential danger:
“And there is a much more recent experience than 1929 to serve as a cautionary tale. A financial deregulation bill was passed in the early 1980s under the Reagan administration, lifting many restrictions on the activities of savings and loan associations, which had previously been limited primarily to the home-loan market. The result was an orgy of speculation, profiteering and outright plundering of assets, culminating in collapse and the biggest financial bailout in US history, costing the federal government more than $500 billion. The repetition of such events in the much larger banking and securities markets would be beyond the scope of any federal bailout.”
May I add. It is really a crying out loud shame when the durn Socialist Party of America has a better grasp on economics that the GOP or the Democrats. You know, I mean right is right and here a bunch of near-commies predict what is going to happen while rocket scientists like Phil Gramm smugly march us off the plank. . .
parsy, who is ROTFLMAO
Then I guess you need to read some more, don’t cha?