Along with other, more serious misdeeds, Phil Gramm can take credit for bringing the term "sequestration" into the Federal vocabulary. It appeared in the Gramm-Rudman-Hollings legislation of 1985, and you can search that on your own.
The people most likely to be hurt by the current sequestration are employees of the federal government, employees of federal government contractors, state workers supported by federal funding, and local government employees tossed aside to offset the loss of federal/state funding. The banks, of course, will be fine. The Dow is back up over 14,000 today, despite sequestration, chaos in Italy, and a hell of a lot of international stupidity. I guess everybody knows the genuine elite (a group a hell of lot smaller than the top 1%) will be protected.
Jack Lew was approved today for Secretary of the Treasury. Like Bernie Sanders, I wonder if we'll ever have a Treasury Secretary with no connection to Robert Rubin or Citibank. Let's face it — both parties are in the pockets of big finance. If they weren't, we'd have seen the revocation of Gramm-Leach-Bliley, which was the Clinton Administration bill that ended Glass-Steagall.
Damn it, Phil and Wendy Gramm, you are evil! Well, maybe stupid rather than evil, but I'm going with evil. Unlike certain Republican members of the House, I'm pretty sure you knew what you were doing. You made a hell of a lot of money on your advancement of right wing ideology, and I haven't heard a word about how you're using it to help "all boats rise."