Phil Gramm, Hero of Deregulation

A nice piece by Lisa Lerer in Politico makes the point that Phil Gramm, on whom John McCain says he'll be relying for economic policy advice, was one of the key architects of a piece of deregulation that's been a big contributor to the current crisis in the financial markets. Indeed, Gramm was, in general, one of the most hard-core far-right voices on economic policy all during his tenure in the congress. McCain, who neither knows nor cares about economic policy, decided during the primaries that he should tack to the far right by outsourcing his thinking to the Gramms of the world and based on the evidence thus far from his reaction to the crisis (roughly speaking: let them eat cake) he hasn't reconsidered that idea.

After all, to reconsider it he'd need to care about the issue, have some inclination to think about policy questions, and believe that public policy should benefit ordinary people and none of those things are true.