Posted on 09/18/2008 9:22:53 PM PDT by Bishop_Malachi
CEDAR RAPIDS, Iowa - Republican John McCain, buffeted by criticism about his response to Wall Street's financial problems, said Thursday he would fire the SEC chairman and create a special trust to help strengthen weak institutions.
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In all but calling for the firing of Securities and Exchange Commission Chairman Christopher Cox, McCain turned on a fellow Republican and former 17-year House member who served on committees overseeing investor protection and U.S. capital markets. President Bush appointed Cox in 2005.
McCain also tried to counter Democratic rival Barack Obama as the two White House contenders jockeyed to explain how, as president, they would prevent the sort of financial tremors that have shaken the financial industry and consumer confidence this week.
(Excerpt) Read more at news.yahoo.com ...
In my lifetime it has been the Republicans who come in after a Democrat president and clean up the mess they left. Country gets comfortable elect feel good Dems again who are left with a solid economy which they immediately start screwing up AGAIN.
Someone needs to explain to McCain that this mess was started by Bubba and his band of merry thieves.
AP/CNN/ABC/NBC/CBS/PBS/NPR....just one big ad for Barack Obama for President.
Someone needs to explain to McCain that this mess was started by Bubba and his band of merry thieves.
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I think the average American citizen is beginning to feel like the citizens of Chicago did, back when the big mobs, ala Capone, et al, ran the city....
Agreed.
“Change” is nothing new. The Dems have tried to “change” our society repeatedly over the years, only to screw up the works time and time again.
Republican John McCain, buffeted by criticism about his response to Wall Street's financial problems....
Translation of "buffeted" - the Obamessiah has spoken, and mocked McCain. The Media has dutifully repeated all that He hath spoken, making it their own words. (Think of Obama as Gladys Knight, and the Media as the chorus of Pips). This amounts to Universal Condemnation of McCain, and therefore the word "buffeted" is used to paint a false picture, as if he has made a major gaffe, gotten called on it, and is now the object of universal derision.
McCain also tried to counter Democratic rival Barack Obama...
Translation of "McCain tried to counter" === "McCain successfully countered"
I am not especially happy about McCain’s public criticism of Chris Cox, who I find, in general, to be a pretty good guy. I know his record as a conservative is solid.
However, in the particular case of FNM & FRE, IMO the SEC had an obligation during the time when these companies could or would not submit properly audited financial statements to 1: Force them to add to their trading symbols the suffix “E”, which is a specific suffix that designates companies who.....wait for it.....have not submitted proper financials. (I THINK it is “E”, I could be wrong, but there is a specific suffix for this precise situation of not having submitted financials) Thus, FNM would have become FNME and FRE would have become FREE (!) Well, it’s pretty close! and 2: To threaten them with delisting after some period of time.
ANY OTHER COMPANY ON THE FACE OF THE EARTH that had not submitted financials would have been given this suffix purely as a matter of course AFTER ONE QUARTER and would have likely been delisted after some period of time. FNM could not submit financials for 3 years IIRC.
So I do not think C. Cox is entirely blameless in this. In my view, the SEC has an entirely different mission than what most folks think they do. Sure, they get involved in enforcement actions from time to time but I believe their primary mission is the promotion of the stock exchanges.
Look, Cox is a good Conservative, and McCain knows it, but this happened on his watch, and in ‘07 he suspended the rules about uptick trading. Cox needs to step up by stepping down so he can explain himself and dump all over Bambi.
McCain doesn’t really blame Cox, but Cox was captain of the ship when the iceberg got in the way.
Best,
Chris
“Look, Cox is a good Conservative, and McCain knows it, but this happened on his watch, and in ‘07 he suspended the rules about uptick trading. Cox needs to step up by stepping down so he can explain himself and dump all over Bambi.”
I’m not so sure I would recommend that, for the following reasons.
1: I agree his record is that of a good conservative, but I have to say that there is part of my thinking that wonders if he has been “captured” in his SEC role....which would indeed argue for his stepdown.
2: Although F&F did indeed blow up on his watch, the seeds were well germinated when he arrived. It would be kinda sorta like blaming GWB for 9/11. (Anyone notice the Jamie Gorelick connection? Can the damage this woman has singlehandedly done to the US while walking away with tens of millions be quantified?)
3: I’d want to know who would replace Cox before booting him. That’s probably impossible. Other than my “captured” suspicion, we could do a lot worse.
4: I’m not upset about the uptick rule. I’m sure that since most trading is done by computers executing algorithms, those additional steps could be easily programmed into the routines, and if the market decided a stock should be hammered, hammered it will be. The trading computers will uptick a stock by a few cents on 100 shs and then short the hell out of it on 5000 shs. In fact, those trading computers could even cause their short orders to jump ahead in queue by overpaying the ask which would give them a shorting advantage.
” ‘07 he suspended the rules about uptick trading.”
Nothing to do with the current problem. Nothing.
McCain loves to attack Republicans especially Conservatives. That is the fact.
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