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Phil Gramm's 'mental recession'
Phil Gramm's 'mental recession'
Phil Gramm, former Texas senator
In early July, as the financial crisis spreads to Main Street, McCain campaign co-chair and former senator Phil Gramm appeals to voters and their economic anxieties by calling them a "nation of whiners" and dismisses a troubled economy as a "mental recession."

McCain denounces his words and Gramm steps down, but the damage is done. -- By Nina Easton, Fortune Washington editor

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NEXT: Bill Miller's bad bets
Last updated December 31 2008: 10:36 AM ET
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