While some experts argue his work contributed to the economic meltdown, former senator Phil Gramm stands by his efforts to deregulate the lending and financial sectors, the New York Times reports. “There is this idea afloat that if you had more regulation you would have fewer mistakes,” Gramm said. “I don’t see any evidence in our history … to substantiate it.”
“To me, Phil Gramm is the single most important reason for the current financial crisis,” says a former SEC lawyer. But Gramm faults Democrats who made borrowing to buy a home easier, financial giants who had no buffer against risky moves, and “predatory borrowers.” “There is always a revisionist history that tries to claim that the system has failed and what we need to do is have government run things,” he said.