Phil Gramm And Zero-Sum End-Game

Former Senator Phil Gramm should be brought to justice for his conspiracy to undermine the US financial system during his tenure in the US Senate. A trial in a baseball stadium somewhere in Cuba might be in order. UPDATE: Brad DeLong http://delong.typepad.com/sdj/ Every Time I Try to Crawl Out, They Pull Me Back in! Fannie's and Freddie's troubles make it more and more clear that the financial-market deregulation agenda of the late 1990s that Phil Gramm spearheaded was a more serious mistake than almost of any of us realized back at the time... Phil Gramm, however, knew exactly what he was up to. He was an agent of disaster, whether he actively willed it or not is not the point. But I think he actively was engaged in the destruction of the wealth of the majority of the populace in order to maximize the wealth of a minority. In other words, Phil Gramm and the Rich were playing the game as if it were zero-sum; i.e., winner take all, and not some variation such as "Help thy neighbor". Getting tired of the game, they decided to facilitate the process of getting to end-game quickly, which they did.