Foreclosure Phil

Years before Phil Gramm was a John McCain campaign adviser, he was a Senator then Lobbyist for a Swiss bank at the center of the housing credit crisis. Foreclosure Phill [as called by MotherJones.com writer Jason Corn] pulled a slick maneuver in the Senate that helped create today's sub-prime meltdown. The trick was; the Commodity Futures Modernization Act. This Act prevents the Securities and Exchange Commission [sec] and the Commodity Futures Trading Commission [cftc] from regulating financial many products. In plain English, this act allows Banks, Energy Companies and Financial Institutions to screw over each other and the American Consumer.Read the full article [by clicking 'read more'] and tell us what you think about this guy? If you like this article, please give us a digg? It will help us spread the word. Digging it is FREE and easy.

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