Posted on 09/18/2008 12:50:09 PM PDT by Fred
CEDAR RAPIDS, IA - John McCain is fed up and not going to take it any more.
At a Hawkeye State rally Thursday, he took his rhetoric up a notch and called for the firing of Securities and Exchange Commission Chairman Chris Cox.
“The Chairman of the SEC serves at the appointment of the President and in my view has betrayed the publics trust. If I were President today, I would fire him,” McCain said at the 5,000 person event, accusing the SEC of failing to adequately police the market.
“(The SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling — which simply means that you can sell stock without ever owning it. They eliminated last year an important rule called the uptick rule that has protected investors for 70 years,” he added. “Speculators pounded the shares of even good companies into the ground.”
Cox, a former California GOP congressman, is currently in his third year at the SEC.
But during a briefing with reporters on Capitol Hill, Democratic Senators Harry Reid and Chuck Schumer said McCain’s call for new leadership will not stabilize the markets.
“At this time, calling for someone to be fired in the middle of this crisis might sound really nice, but it doesn’t do anything to help people and calm the markets,” Schumer said. “Instead of firing Cox, Senator McCain ought to explain how his policies will differ from George W. Bush…maybe he should ask that Bush be fired instead of Cox.”
That led Reid to sarcastically say, “maybe he wants Phil Gramm to serve on the SEC.”
(Excerpt) Read more at embeds.blogs.foxnews.com ...
Schumer is a joke
This is a sleeve job that Fox is, for reasons I can’t fathom, playing into. McCain ALSO indicted Obama for being the second-largest recipient of special interest money from Fannie Mae/Freddie Mac and named Obama’s advisors who actually ran the two agencies into the ground, getting away with millions. When is anyone in the ‘mainstream press’ going to publish THAT???
BTW, Rush mentioned this emphatically in hour two.
Guess the wall street guys are getting sick of the Shakedown Shumer, they deserve each other.
You can add Reid to the list. Chucky has no business talking about McCains record as his mouth contributed to a recent back failure.
You mean....IndyMac Schumer?
He needs to STHU!!
Phil Gramm might be excellent on the SEC.
and as for Schumer “Sit down, Chuck”
I've had my differences with Senator McCain - a lot of them, actually - but I never have to doubt that when he says "Country First", he really means it.
Chris Cox was a top notch congressman from Southern California. If Cox allowed these changes to go thru, hmmm. I’d like to hear his side of the story.
And Sen Schumer, just how many donations did you get from bank X?
Always good to hear from Harry “no one knows what to do” Reid.
Asking to fire Cox is all well and good I suppose but WHY OH WHY does McCain always slam republicans and never slams dems???
I want to hear out loud, every day, how the libtards are the ones that created the subprime mess, stymied ever effort to correct and then recieved boatloads of cash from the executives of these sham companies.
Love that post!
McCain is full of BS. Naked short selling has been illegal for years. And if they want to catch the naked shorts, then they should tear open the books of the investment banks and hedge funds. There’s a story out today that Lehman is suspicoiusly unable to find some stock certificates. Hmmm, might it just be because...they never had them ?
I’ll see if I can find the link.
This is why neither presidential candidate is a solution. Neither one has a clue.
Besides if you ban the shorts who have borrowed shares, then you get what Shanghai has - 71% down so far this year. No bid.
Our fine senate at work. Do the public a service and resign.
Ok, fine go after Cox-—but why not mention BY NAME Franklin Raines and Johnson????
Excellent. McCain will NOT get the edge he needs on this until or unless he NAMES NAMES among the Obama-ites.
naked shorts need to be banned. regular shorts do not. alot of the naked shorting is happening from europe and the middle east and it puts companies into a death spiral as there is NO requirement to borrow the shares. and these hedge funds play a scam game with the FTD (fail to deliver) by shifting the shorter from hedge fund to hedge fund and allow the 3 days rule to start all over again each time.
I’m glad naked shorting is finally being seriously looked at.
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