Published on Wednesday, July 16, 2008
By Pasadena Star Staff Writer
SAY what you want about the messenger, Americans had better heed the message.
Maybe former Sen. Phil Gramm isn't the best person to make the case that much of America's economic gloom is self-inflicted. He's a Republican and, as far as many people are concerned, the GOP cares only about the rich. Since leaving the Senate, Gramm has served as vice chairman of the Swiss investment bank UBS. Also, Gramm doesn't exactly exude sympathy for the have-nots, coming across as the antithesis of the "compassionate conservative."
Yet the former economics professor shared with Americans an important lesson. He was right that, despite what it feels like, the economy is not in a recession because there haven't been two consecutive quarters of negative growth. He was right that the problem could be our response to adversity and our collective state of mind - what Gramm called a "mental recession
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