Discussing the need for financial institutions to be monitored:
"Last week Robert Rubin, the former Treasury secretary, declared that (Rep. Barney) Frank is right about the need for expanded regulation. Rubin put it clearly: If Wall Street companies can count on being rescued like banks, then they need to be regulated like banks.
"But will that logic prevail politically?
"Not if McCain makes it to the White House. His chief economic adviser is former Sen. Phil Gramm, a fervent advocate of financial deregulation. In fact, I'd argue that aside from Alan Greenspan, nobody did as much as Gramm to make the this crisis possible."
Paul Krugman Taming the Beast 3/25/08 New York Times