It was a big uh oh for McCain.  Gramm's comments that we are in a "mental recession", resulting from us being a "nation of whiners".  The first McCain campaign response...

But in an initial statement published by Politico and then, seemingly, removed from its site, a McCain campaign aide actually stood by Gramm's remarks, saying the interview as a whole was merely meant as a preview of the Senator's economic agenda.

"Mr. Gramm was simply saying that we are laying out the economic plan this week," the piece quoted a "McCain official" as saying. "The plan is comprehensive, providing immediate near-term relief for Americans hurting today as well as longer-term solutions to get our economy back on track, secure our energy future and deliver jobs, prosperity and opportunity for the next generation. We're laying out that plan this week with an emphasis on the critical importance of job creation, and it's been a great success so far."

Phil Gramm is McCain's top economic advisor.  The TOP one.  As in... no one is above Phil Gramm on economics.

He was interviewed by the Washington Times.  He is an unrepentant wacko free trader.  Gramm is a vice chairman of UBS (the Swiss bank), a post for which his Senate service apparently qualified him.  UBS is currently being investigated for conspiracy and tax fraud.  

Gramm thinks the recession is only perceived by whiners, but it does not exist.

"You've heard of mental depression; this is a mental recession," he said... "We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.

This guy is from the moon.  The moooooooon... I say.

Rangel represents Harlem.  He is also chair of the House Ways & Means Committee.  A very powerful post.  Trade stuff goes through there.  And financial stuff.

Asian currency manipulation somehow can't get marked up in that committee, and they approve every trade agreement they see.

But what's in the news is... Rangel has four rent stabilized apartments in Upper Manhattan.  Four.  Nobody has four.  People will kill for one.  Apparently a kinda big developer is the landlord.  That developer is kinda zealous in kicking other tenants out of their rent stabilized apartments.  Tenants other than Charles Rangel.

"Morici: Bernanke, Congress and President Drive Stock Market Rout and Forecasts for July 7 and 14"

On Tuesday, Federal Reserve Chairman Ben Bernanke outlined Washington efforts to restore confidence in U.S. financial institutions. Initially, this gave the market a lift. After closer examination by investors, the market continued its downward spiral on Wednesday, led by financial stocks.