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First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

Chuck Todd, NBC Political Director

Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC Political Researcher



Gramm steps down from campaign role

Posted: Sunday, July 20, 2008 11:17 AM by Domenico Montanaro
Filed Under: ,

From NBC's Domenico Montanaro
McCain economic adviser Phil Gramm, the latest campaign surrogate to land in hot water, stepped down from his role as co-chair.

"It is clear to me that Democrats want to attack me rather than debate Senator McCain on important economic issues facing the country,” Gramm said in a statement released by the McCain campaign Friday night. “That kind of distraction hurts not only Senator McCain's ability to present concrete programs to deal with the country's problems, it hurts the country. To end this distraction and get on with the real debate, I hereby step down as Co-Chair of the McCain Campaign and join the growing number of rank-and-file McCain supporters."

Democrats, however, jumped on the issue anew Friday. The DNC passed along a Politico article that reads, in part, “Gramm's move tonight appears to be a move to clarify his status. But when asked whether this meant he'd no longer advise or represent McCain, [spokesman Tucker] Bounds only said that it was Gramm's decision to step down from his co-chair post."

The Obama campaign, for its part, sent along the following: “The question for John McCain isn’t whether Phil Gramm will continue as chairman of his campaign,” spokesman Hari Sevugan wrote, “but whether he will continue to keep the economic plan that Gramm authored and that represents a continuation of the polices that have failed American families for the last eight years.”

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Whoa.

This is soooo late.

Why has the media ignored Gramm's porn connection?

P.S. I still believe that Gramm is McCain's chief economic advisor. Not buying the "co-chair steps down" ruse at all.
Olberman, and guest, chuckled as if being entertained by clowns at a circus over McCain throwing Phil Gramm out of his campaign, bringing him back again, then throwing him out again, (in the typical Friday night news dump, with the hope that the Obama trip would provide even more cover), all in the hilariously short time span of one week!

Dems everywhere are giggling too!
If Mr. Gramm continues to advise Dear John, Ihope he advises him to come up for a extensive menthal health plan for the people of this country. Seems,according to Gramm we're all mental and a bunch of whiners.
Excellent point by the Obama team.

So what if Phil Gramm is no longer out in front of the cameras on behalf of John McCain?  If McCain continues to stand by Gramm's economic policies, the damage was not "controlled".

And as long as we are on the subject of the revolving door of McCain advisers- any news on the alleged link between Randy Scheunemann's firm and the Steven Payne bribery scandal that Keith reported on?
I hereby step down as Co-Chair of the McCain Campaign and join the growing number of rank-and-file McCain supporters."
---------
Now that's the joke of the day!!
Right On!

I guess I'm suspicious. McCain has told so many lies and made so many "misstatements" it's hard to believe anything his camp says. But, I'm wondering the same thing. Is McCain still relying on Gramm's economic plan? Does Gramm's leaving his public post mean he won't be advising or is this the same deal as with Black; lie low for a while and then show back up.

Also somebody tell me when or if McCain and the Republicans will talk about his policies without a nasty dig at Obama. In fact any time they are asked a questions the main answer (usually wrong or skewed) is not what McCain will or won't do, it's some negative about Obama.
Whether or not Phil "Nation of Whiners" Gramm remains as a public figure in McCain's campaign team is irrelevant. The point is that this the person who has advised McCain on economics and any legislation related to it, such as insurance and banking policy, for years and years.

I would seriously doubt that would change simply because Gramm says he is resigning.

Republicans make much of how Reverend Wright's beliefs and talk just have to affect Senator Obama's way of acting in the world... yet, they want us to deny that same potential with respect to Gramm and McCain.

This comes back to the double standard that Republicans use in all things political:

When Obama shifts his position on an issue, it's "flip-flopping". When McCain (or Bush, for that matter) does the same, it's "changing his mind".

Frankly, I think McCain could USE a new mind... his is showing signs of senility, sorry.
John McCain boldly continues to support an economic plan that is a traditional Republican approach that we see no longer works. For 8 years Bush defended and called for more freedom for "industry". McCain calls on the same. They are against posing goverment oversight on industry. They defend industrial powers as being those best informed and most capable of supervising themselves in nearly all areas. They both now call upon the opening of all offshore areas for oil and gas exploration and would fight any regulatory actions. During the Bush administration we have seen one financial scandal after another involving financial institutions. We have seen the price of oil rise beyond all expectations and the Republican stance has been to step aside and allow the "market" sort itself out. Meanwhile speculators make money, big oil has its desired crisis, and the Republicans call for more liberty for these same manipulators of energy prices. Yet, in all of this McCain keeps up the drumbeat that Barack's plans are "big government". Bush and McCain and the Republican "no government" is a cop-out from the responsibility of government to take measures to protect the people. Republicans no longer want to protect the people. The fact is that the world of "business and investment" is no longer a mom and pop store on the corner. It is world wide, it has no name or location, it has no responsibility to countries or to peoples. It has one responsibility - to make money. Government in today's world must be more vigilant than ever to protect the people and the Republican's cannot be trusted to do this.
Whether or not Phil "Nation of Whiners" Gramm remains as a public figure in McCain's campaign team is irrelevant. The point is that this the person who has advised McCain on economics and any legislation related to it, such as insurance and banking policy, for years and years.

I would seriously doubt that would change simply because Gramm says he is resigning.

Republicans make much of how Reverend Wright's beliefs and talk just have to affect Senator Obama's way of acting in the world... yet, they want us to deny that same potential with respect to Gramm and McCain.

This comes back to the double standard that Republicans use in all things political:

When Obama shifts his position on an issue, it's "flip-flopping". When McCain (or Bush, for that matter) does the same, it's "changing his mind".

Frankly, I think McCain could USE a new mind... his is showing signs of senility, sorry.
gramm is still the one who drafted mccains current policy and until mccain redrafts his economic policy then gramm will never go away in spirit that is.

Video of unenthusiastic PUMA, Just Say No Deal Protest
http://sensico.wordpress.com/2008/07/19/video-of-puma-just-say-no-deal-losers-hold-a-protest/
or
http://sensico2.blogspot.com/2008/07/my-blogs.html
McCain has Gramm earmarked as a speech writer in his administration, along with Karl Rove. Great combination, don't you think?
Gramm knocked Jerry/Corpus Christi out of the picture.
All in your head
http://www.youtube.com/watch?v=_lu4dcxl4GY

Straight Talk On The Economy?
http://www.youtube.com/watch?v=QVVIw7oZEyk&eurl

McCain: "I Would Imagine That We Are" In A Recession
http://www.youtube.com/watch?v=rULwkZ7tqkg&eurl
Let's review:

After the "mental recession" and "whinner" comments, he would only be qualified to be Ambassador to Belarus.  "He doesn't speak for me" McCain said.  He was still McCain National Co-Chair, still part of the campaign.

The McCain campaign next announced that Gram would not have a public role in the campaign.  Still National Co-Chair of the McCain campaign.

Friday, it was announced that Gramm had apologized to McCain.  They made up. BFF.  Gramm was back as an active menber of the campaign.

By 7:20 pm Gramm had resigned.

If this is a preview of the level of competence we can expect from a McCain campain, I want no part of it.

.....and this after the McCain campaign had been restuctured for the 3rd time.  At least when Bush lied and deceived the American public, it was consistent.
"It is clear to me that Democrats want to attack me"

Uh, Phil, your friend McCain threw you under the bus and sent you to Belarus.
See there...you bunch of whiners cause a fine american his job...phil gramm only said we were imagining everything and that we were all whiners...he only espoused the view of the republican party money crowd
I have been writing Gramm ever since I found out he was McCain's chief economic advisor. I new then that McCain would have big problems.
I have followed the various and sequenced Modernization Acts since 1998. I remember when the Gramm-Leach-Billey passed and a very weak President sined them while the rest of the Dems were in opposistion. It was one of those gut feelings the day it passed,like the gut feeling that Declaration for War was wrong or at least a year or 2 early.

While there are some good changes in some of the Acts,like the e-commerce bill, they were experimental and are proving to have a negative impact.
So without politics, and i'm independent, to me it is business. Sorry Phil. It's not personal,its business.

UBS lobbyist,"Enron Senator","Foreclosure Phil", are enough to say wrong. But, the real story is the BAD Bills he sponsered.

And I agree with  comment that the media was slow to report on the obvious flaw of McCain appointing him
In follow-up to my previous post.
The Gramm story will still be a big issue through the election and beyond because of the modernization acts that need revisiting. The shaky economy and recent and future hearings will remind us of Gramm's bad decisions.
One more thougt. Can you imagine what deals Gramm may have made with Clinton to get him to sign the 1998 Act.
I would think that Gramms link to the Subprime crisis,  more of the reason he has resigned  3/28/08......http://tinyurt.com/2ujo9b  His connection to UBS, his Wife and ENRON and the legislation   Gramm/leach/Bliley Act, he passed before leaving Congress.
Gramm is a fool, albeit an intelligent fool.
What different circumstances might we be in had we had an Republicans had worked problems instead of peddling excuses and misinformation? Since day one, Paulson alone has taken on solving the most significant problems head-on, with a can-do, get-it-done approach -- economic issues like climate change, China trade, investment banking regulation, and the mortgage crisis.

Even those of us lay-folks could see the ominous trends forming from market excess and exploitation, combined with the unsustainable levels of risk being shifted from government to individual consumers/taxpayers, manifest in sky-rocketing consumer credit, risky mortgages, and bankruptcies, and amplified by trade deficits, industry-wide collapses in manufacturing and transportation, housing inflation, pension and retirement collapses, salary stagnation -- and what we're not talking about yet enough - global food and water shortages. This is indeed a toxic brew by any measure.
As Obama has pointed out (up till now an ignored though evident fact) we did not get here by accident. The Bush administration, in their short-sighted self-indulgent, cronyism, excesses, abuses, and gross negligence, have left the wheelhouse untended.

It is no wonder the serious minded, no matter what political affiliation, finally demanded leadership of Paulsons caliber when they saw the gathering storm.  While I'm not smart enough to know whether Paulson and Bernake are making all the right moves, I do get enough to see that -- for a change - someone's finally taken the wheel and is targeting the right issues and using sound logic to chart course in the tumultuous currents we are and will inevitably face. So I am grateful to Secretary Paulson for his efforts and courage, despite his affiliations.
Gramm is no different than when he was in the Senate. He exhibits no signs of intelligence. Today's world is vastly different than anything we have seen.  The same old approach to economics is certain collapse of our economy. New America New World, available on Amazon will help explain.
Gramm should have added that he doesn't give a damn what average struggling Americans...all of us whiners think one way or another....but he wants his pal elected.  He and McCain are so out of touch with the day to day living realities of the majority of the people it's disgusting that anyone would listen to either of them.  Vote Obama


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