Texan Economists rape the USA of resources. It is all they know how to do, while outsourcing jobs to allow greater profits by companies. The rant by the Republicans is that the USA economy will expand with greater company profits, therefore, decrease their tax burden even more.
It was never an answer for the American people and it continues to be a 'problematic' form of economic strategy. Texan economists have no clear strategy for an America with a viable Middle Class, only one that rides the shirt-tales of what is still exploitable through government deregulation.
We already had eight years of a failed Texan Economist, when will everyone realize the Republicans have no answers, so much as 'Star Quality' to social conservative pizzazz. The difference between Republicans and Democrats is completely obvious; Democrats live with reality while Republicans dance all around it.
...Mr. Gramm, a Texas Republican, is one of the top recipients of Enron largess in the Senate. And he is a demon for deregulation. In December 2000 Mr. Gramm was one of the ringleaders who engineered the stealthlike approval of a bill that exempted energy commodity trading from government regulation and public disclosure. It was a gift tied with a bright ribbon for Enron....
...McCain urged Congress to institute a "gas-tax holiday" by suspending the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. He also renewed his call for the United States to stop adding to the Strategic Petroleum Reserve and thus lessen to some extent the worldwide demand for oil....(click here)
Ike Shutters 20% of U.S. Refining Capacity; Reserves Released (click here)
By Jordan Burke and Aaron Clark
Sept. 14 (Bloomberg) -- Almost 20 percent of the U.S.'s oil refining capacity was shut after Hurricane Ike slammed into the Gulf Coast, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves....
Letter: Economic adviser has ruinous approach (click here)
John McCain's old chum, Phil Gramm, former U.S. senator from Texas, now a Swiss bank executive, co-chairs McCain's presidential campaign and advises him on matters of economics. Gramm appears to be a shoo-in for secretary of the Treasury if McCain is elected president.In the 1990s, Gramm, then chairman of the Senate Banking Committee, routinely underfunded the Securities and Exchange Commission. As the SEC's workload increased 80 percent, SEC's staff was allowed an increase of just 20 percent. In 1999, Gramm got a bill passed that tore down the regulatory walls between commercial banks, investment banks, insurance companies and security firms, resulting in merger mania.Gramm pulled off his cleverest move for his friends in the financial services industry (who donated millions to him over his 24-year congressional career) in mid-December 2000. Into a $384 billion omnibus spending bill, Gramm slipped a measure called the Commodity Futures Modernization Act. It contained a provision - lobbied by Enron - that exempted energy trading from regulatory oversight. That allowed Enron to trash the California electricity market and cost consumers billions before it collapsed....
