Apparently, John McCain wasn't the only person taking advice from former Sen. Phil Gramm, who led the charge to deregulate the banking industry, only to find himself on the board of the company which posted the most subprime-related losses on the planet.

Zurich-based UBS AG, speaking of all-American, was forced to writedown a jaw-dropping $43 billion (that's a "b") in the past year because it gobbled up mortgage-backed securities (MBS) like it was Halloween candy in an effort to become the largest firm in the world (by assets held).

That type of good business sense (I suppose that's why it doesn't hurt that Gramm is a top lobbyist) seems to have prevailed for Andrew McCain, the son of Gramm's current political boss.

The younger McCain served on the board of Silver State Bank until a few weeks ago, when he resigned "for personal reasons."  Before the dust could settle from his exit stage right, the bank has become the 11th bank to fail this year. 

As a reminder, McCain's "Keating Five" scandal centered on a federal bailout of the Lincoln Savings and Loan Association.  Just a quick reminder.

The failure of Silver State is expected to cost the FDIC deposit insurance fund between $450 million and $550 million.  The fund has already been severely hit by the bailout of IndyMac Bank, which collapsed right around the time Andrew McCain resigned.

After 8 years of the deregulation pushed by John McCain's top economic advisor, there are currently 117 financial institutions being monitored by the FDIC as "problem" banks in danger of potential collapse.

Did I mention that this is John McCain's top economic advisor?

This is especially troubling for a nominee who admits that he doesn't understand macroeconomics and a VP pick who only has experience running a state based entirely on a single resource?

That's not change we can believe in.