The collapse of Enron continues to trickle down on us little people. I must admit that until recently, I had never heard of the so-called Enron Loophole.
Keef-O has an excellent report on it here.
The Enron Loophole permitted unregulated electronic trading of oil futures, which led to speculators "gaming" the market by betting on (and agreeing to set) the future price of oil and other commodities without meddlesome Gubbermint interference...Republican Congressman Phil Gramm was instrumental in the lobbying effort that got this provision rammed through Congress and signed by Bill Clinton.
The Loophole, according to many reports, was directly responsible for, among other things, the Californian energy crisis of 2000-2001 (which gave us Gubbiner Ahnold) and the sharp and steady rise in oil prices worldwide.
Phil Gramm is currently a senior economic advisor for John McCain. John McCain, in years that he isn't running for President, has been a staunch supporter of the Enron L-Hole. He changes what he says during election years, a consistent pattern in the Senator's speeches...in 2007, he criticized then-opponent Rudy Giuliani for having "absolutely no foreign policy experience"...yesterday Giuliani-at McCain's request- was publicly defending McCain's proposed policy of endless, unwinnable war...how did Rudy go from "know-nothing" to "expert" in six months?
Congress recently passed the Farm Bill, which includes a provision for closing the Enron L-Hole.
The bill, of course, was vetoed by Bush, with the support of John McCain- the same John McCain who rejects expanding the benefits granted to our veterans by the G.I. Bill as being:"too expensive"...support the troops? He'd rather not do that, it costs too much money...it would be difficult to cut taxes on the Super-Rich and support the troops at the same time and former POW or not, McCain has shown his true colors.
Fortunately, Congress had enough votes to override the Bush veto. It's about time the Limpocrats finally did something, says I.
I'm embarrassed that I once defended McCain's integrity when he was smeared by Karl Rove's machine prior to the 2000 South Carolina primary election.
It turns out that McCain hasn't any integrity whatsoever. A shame.
A vote for McCain is a vote for Phil Gramm and the Enron Legacy.
It's a vote to increase the number of homeless vets .
It's a vote for Five Dollar Gas.
It's a vote for a man who prefaces every third spoken sentence with the meaningless phrase "my friends". That annoying oratory tic might actually piss me off more than his dangerous politics.
Do America a favor. Don't elect John McCain.