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In Defense Of Christopher Cox
Forbes ^ | 9-22-08 | Harvey Pitt

Posted on 09/29/2008 7:56:59 PM PDT by STARWISE

In a crisis, two types of people usually emerge--those trying to solve problems and those seeking some advantage from them.

The former, of course, are critical if we're to find solutions to serious problems, prevent (or limit) potentially catastrophic results and create some level of comfort that we've learned from history, and aren't doomed merely to repeat it. The latter are those more interested in advancing themselves at the expense of others.

We are in the midst, perhaps, of the worst financial crisis in our nation's history. We've seen venerable investment banking firms melt down and disappear, the onset of a severe contraction of commercial banking, wild fluctuations in indexes that tell us how well capital markets are performing, shriveling of once plentiful credit markets and the threat to many average citizens whose only role in this crisis is to foot the bill for solutions.

Thus, it's no surprise that finger-pointing has already commenced.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: 110th; bailout; christophercox; dems; sec
A cursory examination of these three causes makes clear none can be laid at the SEC's feet. The SEC wasn't responsible for lax standards allowing so many firms to leverage beyond rational business common sense.

Nor did the SEC cause the twin Congressional decisions allowing financial services to expand but ignore the need for sensible regulatory reform at the same time.

Indeed, the SEC was specifically denied authority in the legislation that repealed Glass-Steagall over many synthetic securities and derivatives.

1 posted on 09/29/2008 7:56:59 PM PDT by STARWISE
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To: STARWISE

The Admin and the SEC have been calling for more oversight for years. The ‘Rats in Congress blocked everything.


2 posted on 09/29/2008 8:06:52 PM PDT by VRWC For Truth (Throw the bums out who vote yes on the bail out)
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To: VRWC For Truth

Absolutely.


3 posted on 09/29/2008 8:08:18 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: STARWISE

Chris Cox is a good man. He would make a fine president.


4 posted on 09/29/2008 8:18:21 PM PDT by clintonh8r (Fire mission!)
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To: clintonh8r

I have heard he was a good man.


5 posted on 09/29/2008 8:25:26 PM PDT by freekitty (Give me back my conservative vote.)
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To: STARWISE

If the SEC were to have it’s hands untied by the US Congress, and allowed to function to their full capacity, Fannie Mae and Freddie Mac would not exist right now, because in order to carry out the Democrat plan for “Affordable Housing” the rules had to be deliberately subverted, and anyone with enforcement authority kept at arm’s length. Anyone who cried foul about Fannie or Freddie was immediately labeled a racist.

I’m amazed that we haven’t been bombarded yet about how racist the foreclosure system is in this Country, based upon the number of toxic loans that minorities were forced to take out from evil White Corporate America just to stay in their homes...

At the same time, Chris Cox came from the US Congress and an excellent argument can be made that he helped create the present problem.

So it goes...


6 posted on 09/29/2008 8:44:27 PM PDT by Bean Counter (Stout Hearts.....)
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To: STARWISE

McCain is an idiot. Or he has lousy advisers, which would make him a lousy executive, since he listens to their shitty advice.


7 posted on 09/29/2008 9:04:57 PM PDT by montag813
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To: STARWISE
Paulson and Cox should both have tendered their resignations even if they were entirely blameless. This crisis occurred on their watch and they should have honorably tendered their resignations to Bush and left the buck on his door. Bush could then have accepted their resignations or rejected them.

When a ship runs aground, the Captain is under a duty to resign his commission even if he had nothing to do with the accident. His job is to make sure these accidents don't happen and if they do happen, then he is there to take the blame.

8 posted on 09/29/2008 10:07:34 PM PDT by P-Marlowe (LPFOKETT GAHCOEEP-w/o*)
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To: P-Marlowe

I have to agree. If Cox had no authority, why did he continue on? Taking tax money for nothing is integrity? I doubt he’s hurting for money.


9 posted on 09/29/2008 10:16:48 PM PDT by FlyVet
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To: P-Marlowe

Resignation is like an admission of guilt. Rats would have a field day.


10 posted on 09/30/2008 4:30:40 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: VRWC For Truth

Right. I heard Mark Levin criticing McCain for lashing out at Chris Cox. Mark Levin knows the score — Cox is a good man.

Are we supposed to tuck our tails between our legs and leave good men to the tender mercies of a rat orchestrated hen pecking party? If anyone should resign, it should be the ones who defended Raines and chummed up with him. Obama should step down from his campaign before Cox steps down. So should Barney Frank and Chris Dodd.


11 posted on 09/30/2008 4:35:24 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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