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(Interesting how Gramm made those comments while UBS, his employer, was losing billions. Talk about removed from reality....)
July 9, 2008 - In an interview with the Washington Times, Phil Gramm, a former Texas senator who is now vice chairman of UBS, the giant Swiss bank, said he expects Mr. McCain to inherit a sluggish economy if he wins the presidency, weighed down above all by the conviction of many Americans that economic conditions are the worst in two or three decades and that America is in decline.
"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."
"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.
"We've never been more dominant; we've never had more natural advantages than we have today," he said. "We have benefited greatly" from the globalization of the economy in the last 30 years.
July 6, 2008 - An investigation into the cause of the losses at UBS shows how repeated warnings were ignored throughout the company, its culture and reputation for prudence corroded by the short-term riches on offer during the good times. And the pain goes on. On Friday (July, 4, 2008) UBS warned of more write-offs to come on top of the $37bn already put aside to cover losses in the US sub-prime debacle and subsequent credit crisis.
July 9, 2008 - In an interview with the Washington Times, Phil Gramm, a former Texas senator who is now vice chairman of UBS, the giant Swiss bank, said he expects Mr. McCain to inherit a sluggish economy if he wins the presidency, weighed down above all by the conviction of many Americans that economic conditions are the worst in two or three decades and that America is in decline.
"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."
"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.
"We've never been more dominant; we've never had more natural advantages than we have today," he said. "We have benefited greatly" from the globalization of the economy in the last 30 years.
July 6, 2008 - An investigation into the cause of the losses at UBS shows how repeated warnings were ignored throughout the company, its culture and reputation for prudence corroded by the short-term riches on offer during the good times. And the pain goes on. On Friday (July, 4, 2008) UBS warned of more write-offs to come on top of the $37bn already put aside to cover losses in the US sub-prime debacle and subsequent credit crisis.
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