It is former Senator and McCain economic advisor Phil Gramm who is primarily responsible for the law that caused this economic meltdown.  Chair of the Senate Banking Committee at the time and acting under cover of darkness, then Sen. Phil Gramm pushed through a bill titled the Commodity Futures Modernization Act (CFMA).  Gramm did so right after the Bush v. Gore decision in 2000 when only financial industry lobbyists were paying attention in Washington.  Then Senator Gramm and the REPUBLICAN CONTROLLED CONGRESS secretly slid through the CFMA.  The bill deregulated swaps which is the primary reason for the biggest financial meltdown since the Depression.  Yes, it is the deregulated swaps and lack of oversight that are “at the heart of the subprime meltdown” according to Michael Greenberger, former director of the Commodities Futures Traders Commission division of trading and markets in the late 1990s.  Sen. McCain is a strong proponent of deregulation of the nation’s financial markets and it was that deregulation and “the smartest person [McCain] knows,” Phil Gramm, that is primarily responsible for this crisis.  Gramm, then Chairman of the Senate banking committee, routinely turned down SEC Chairman Arthur Levitt’s request for more funds to police the financial industry.  McCain now claims that he plans to clean up Wall Street but until yesterday the Arizona senator stood firmly behind the policies, (deregulation) that put Wall Street in its current state.  Gramm’s recklessness in the financial industry has not dulled his glow in McCain’s eyes.  Dubbed an “economic guru” by Sen. McCain, Gramm is still closely connected to the campaign. If McCain gets in the White House, you can bet that Phil Gramm policies will be the driving force in the financial industry.  The two senators have been close friends since they served together in the House in the 1980s.  McCain chaired Gramm’s failure of a presidential campaign and Gramm was McCain’s formal senior economic advisor until six weeks ago when he called America and its people “a nation of whiners.”  McCain’s entire presidential campaign staff is comprised of people like Gramm.  How can someone who admits to “not understand the economy” and surrounds himself with the very people who caused this problem in the first place possibly represent reform or bring reform for that matter?