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Economy's Woes Put McCain Advisers in Spotlight

Posted Apr 2, 08 1:00 PM CDT in Politics 

(Newser) – John McCain's choice of economic advisers is stirring up controversy, the Washington Post reports. Phil Gramm is vice-chairman of troubled UBS and oversaw widespread deregulation as chair of the Senate Banking Committee in the late 1990s, and Carly Fiorina was publicly ousted as CEO of Hewlett-Packard. In the current economic climate, their aggressive style of capitalism may be a liability.

Fiorina has taken a higher-profile role in the campaign, but Gramm's association with McCain is older and deeper. Although some defend his record, one economist calls the ex-senator "the most aggressive advocate of every predatory and rapacious element that the financial sector has," and describes him as "a sorcerer's apprentice of instability and disaster in the financial system."

Source Washington Post

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Businesswoman and former Hewlett-Packard CEO Carly Fiorina, right, campaigns with John McCain at a town hall style campaign event at Andiamo Celebrity Showroom in Michigan, Saturday, Jan. 12, 2008.   (AP Photo/Charles Dharapak)
Some economists blame Phil Gramm, one of John McCain's top economic advisers, for helping to set the stage for today's subprime crisis by supporting bank deregulation.   (Getty Images (by Event) Individuals)
Republican presidential hopeful, Sen. John McCain, R-Ariz., speaks at a press availability in Phoenix, Ariz. Monday, March 3, 2008. At left, former Sen. Phil Gramm, R-Texas.   (AP Photo/Gerald Herbert)
John McCain, R-Ariz., right, is seated with former Hewlett Packard CEO Carly Fiorina, left, at Baker Manufacturing Co., which makes spas and tubs, during a discussion on the economy in Orlando, Fla.   (AP Photo/Charles Dharapak)
John McCain, seated with former Hewlett Packard CEO Carly Fiorina, discusses the economy during a stop at Baker Manufacturing Co., which makes spas and tubs, Wednesday, Jan. 23, 2008, in Orlando.   (AP Photo/Charles Dharapak)
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John McCain  • economy  • McCain 2008  • Carly Fiorina  • Phil Gramm  • economic adviser


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