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 ...
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Indeed, the SEC was specifically denied authority in the legislation that repealed Glass-Steagall over many synthetic securities and derivatives.
The Admin and the SEC have been calling for more oversight for years. The ‘Rats in Congress blocked everything.
Absolutely.
Chris Cox is a good man. He would make a fine president.
I have heard he was a good man.
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...
McCain is an idiot. Or he has lousy advisers, which would make him a lousy executive, since he listens to their shitty advice.
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.
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.
Resignation is like an admission of guilt. Rats would have a field day.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.