Quit Whining…and Get Off My Lawn(s)

Given the economic hurricane whirling around us, I thought it would be a good time to reflect on the words of a man U.S. Sen. John McCain recently called “one of the smartest people in the world on economics.” That's right. I'm talking about none other than former McCain campaign co-chair and economic adviser, former U.S. Sen. Phil Gramm.

You may remember Gramm as the “co-sponsor of the 1999 law that allowed commercial banks to get into investment banking.” Or as “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,” and which “have been at the heart of the subprime meltdown.”

Gramm has been one of the greatest champions in Washington for deregulation of the financial markets, and until he suddenly became a populist a few days ago, John McCain was with him 100% on that position. Here is Gramm's take on the economy, circa July:

So everyone, please, stop whining about the economy, and remember: This is all in your minds.