Monday, September 15, 2008

Down 500

Oh well.

Good thing we took John McCain's bestest economic buddy's advice and deregulated the banking/investment industry:

[Gramm]was co-sponsor of the 1999 law that allowed commercial banks to get into investment banking. And the fact that Gramm was a prime architect of a 2000 bill that kept regulators' hands off of "credit default swaps," an exotic financial tool which helped enable the bundling and selling of crappy subprime mortgages to investors.

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