Cox should voluntarily step down just because all this crap happened on his watch. He failed.
If I am not mistaken, wasn’t Chris Cox at one time mentioned as a potential McPain running-mate?
“Cox should voluntarily step down just because all this crap happened on his watch. He failed.”
It wasn’t just Cox or short selling though. It’s the whole approach to mortage guarantee, lack of oversight from all regulatory bodies, including the Federal Reserve, and all the political corrution that resulted from it. The whole idea behind Fanny and Freddie was to protect banks, and they have never, even for one minute had the best interest of we the people at heart. We get laid off and have trouble making payments, who cares? As long as Mr. Banker gets his money back everything is just peachy while we’re loading up storage facilities looking for a place to live. I think it’s the assumption that we’re all just potential deadbeats that really gets me in a miff.
What has really set me off tonight is that Sec. Paulson wants to create a separate Federal agency to assume bad mortage debt. Again, protecting banks, and ‘officially’ socializing risk and poor judgement with other people’s money by financial institutions. It’s an automatic taxpayer bailout from now into the future that fixes absolutely nothing for average people while encouraging the same kind of risk and corruption that got us into this mess. It’s so ridiculous, and absurd. And we will still hear whining by bank CEOs who make $500M over 3 years that they lost 50 of it when their company’s stock tanked due to liquidity problems. Geez, cry me a river.
This stuff has to end and to do that the government needs to stop focusing on fat cat bank bailouts and start working for you and me. Scrap Fanny and Freddie and make a system that focuses on the individual, not bankers.
You’ve got it about right the way I see it... it is kind of moot as to whether Cox can be fired solely by the President. I’ll bet he doesn’t survive the year in any event given the search for witches and ogres that will be initiated by congress and every politician and investor in the US.