The New York Times has a story Deregulator Looks Back, Unswayed.  You can see comments on this story on Huffington Post.

He just can’t seem to understand why every American doesn’t have a PhD in economics so that they could be on an equal footing with him.

I can see him as one of those mortgage brokers.

Customer:

I can’t afford a mortgage with those high interest rates.

Gramm the broker

Have I got a deal for you. Half the standard interest rate for the first few years.
It’s called an ARM mortgage.

Customer:

What happens after that?

Gramm the broker

The interest rate triples, but you’ll be able to refinance with a new ARM mortgage.

Customer:

I don’t know, it sounds too risky to me.

Gramm the broker

Trust me, I have a PhD in economics. Would I steer you wrong?

Now he is blaming predatory borrowers for the problems that occurred. He had no idea it would come to this.

Apparently the reporters on this story were cowed by Gramm’s credentials and his domineering personality.  All they can do is report it as a one side says this and the other side says that.  They haven’t got a clue as to what may be true and what may be more snake oil from the master snake oil salesman.  (Is that too many metaphors in one post?)