How McCain Adviser Phil Gramm Helped Create the Subprime Mortgage Crisis

i3.democracynow.org — In the midst the chaos of the 2000 election aftermath, Senator Phil Gramm slipped into a must-pass spending bill a 268-page bill that totally deregulated credit "swaps" — a market that's now about four times the size of Wall Street — and turned a large part of the economy into a secret casino where the stakes are high, rules are almost non-existent, and the high-rollers' gambling debts are paid by the rest of us.

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