McCain’s Economic Advisor’s 2nd Great Depression
September 20, 2008
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McCain’s Economic Advisor Co-Authored What May Become Second Great Depression
New York Times contributor Bill Gruver wrote an op-ed piece hailed as brilliant by Jim Cramer tonight on Mad Money. It goes to the heart of the current Wall Street crisis: Gramm-Leach-Bliley Act of 1999, which essentially removed the market safeguards put in place by the Glass-Steagal Act of 1933—which was enacted to prevent another Great Depression. Well guess what—another Great Depression!
The Gramm in Gramm-Leach-Bliley is none other than Senator Phil Gramm, AKA “This Is a Nation of Whiners” Gramm, AKA “Mental Recession” Gramm, AKA John McCain’s chief economic advisor. If you want to hear his catch phrases one more time, check this out:
And according to him, the tailspin isn’t over yet. His advice tonight was to sell a fifth of the stock you own as soon as you can. He does not expect the rally today and yesterday to last and the massive government bailout that prompted it will only help for so long. It stopped a complete crash from happening in two days, but we could still see one a month from now.
Basically, put your money in gold and shotguns. This will get ugly.
Jason Stürmer is a (RR) contributing writer.