Gramm responds

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[Peter Suderman]
McCain adviser Phil Gramm apparently played a role in regulatory changes that some have argued led to current woes in subprime mortgage market. Over at the Capital Commerce blog, James Pethokoukis has a response from Gramm.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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