This week
Time published its
25 People to Blame for the Financial Crisis.
Included on the list are such familiar faces as Phil Gramm (#1), George W. Bush (#16), Alan Greenspan (#17), Hank Paulson (#18), and Bill Clinton (#23).
Congressman Buck McKeon did not make the top 25, but he surely shares some of the blame.
The two pieces of legislation that led directly to the current financial crisis were the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act.
Phil Gramm is #1 on the list for crafting and pushing these disastrous bills.
Bill Clinton is #23 because he signed them into law after they were passed by the Republican Congress.
The Gramm-Leach-Bliley Act repealed the 1933 Glass-Steagall Act, which regulated the banking industry for the express purpose of preventing another Great Depression.
The Commodity Futures Modernization Act deregulated credit default swaps, which were a primary cause of our economic collapse.
Former banker Buck McKeon voted for both of these Republican bills.
Former Republican Senator Phil Gramm may be the person most responsible for the current economic disaster, but he couldn't have succeeded in destroying our economy without the rubber-stamp votes of fellow Republicans like Buck McKeon.