Bush backs SEC's Cox after McCain says would fire him

Source: Reuters

WASHINGTON, Sept 18 (Reuters) - U.S. President George W. Bush backs Securities and Exchange Commission Chairman Christopher Cox, the White House said on Thursday after Republican presidential hopeful John McCain said he would fire the chief securities regulator.

Read more: http://www.reuters.com/article/marketsNews/idUSWAT01008120080918

---

Obama's response should be that he wouldn't have hired him in the first place.

...bullshit so McCain can demonstrate that he's sooooo unlike Bush when it comes
to economic issues.

These players never stop playing, do they?

what point would there be to fire him now? The damage is done.

Source: Wall Street Journal

Republican presidential candidate John McCain, in remarks prepared for delivery Thursday, said he thought Christopher Cox, chairman of the Securities and Exchange Commission, should be dismissed.

"The chairman of the SEC serves at the appointment of the president and has betrayed the public's trust," he was planning to say in Iowa, according to a text released in advance of the speech by his campaign. "If I were President today, I would fire him."

In a speech in Cedar Rapids, Iowa, Sen. McCain said the SEC allowed abusive short-selling, or bearish bets on a company's stock, to turn "our markets into a casino."

Read more: http://online.wsj.com/article/SB122175692668652881.html?mod=googlenews_wsj

thanks to you, MR. DEREGULATOR - the abusive short-selling, or bearish bets on a company's stock, to turn "our markets into a casino." is legal

one dude. Glad we got the problem solved. Let's move on.

I happen to have some inside info on him from when he was in CA. Not a nice guy and totally in Bush's pocket. McCain can throw him under the bus for all I care, but, its mostly because McCain and Cox have so much in common. Obama will replace him anyway but I'm sure Obama will choose someone with some integrity AND some experience. He was another obviously incompetent, "do our bidding" choice by the BFEE.
On the other hand, there's no question that it is MUCH more than just him and his choices that got us to this place.

"Heckuva job" though!!

at McLoon's "solution" to our economic crisis, as if the entire Republican culture of "set the markets FREE!!" wasn't what led to it--no, it's just that we've got to get rid of this one bad guy.

Cox served a GOP district in Southern California for sixteen years before he was appointed to head the SEC in 2005. He was appointed to further the Bush Regime's policies of deregulating financial markets.

Cox is the third SEC chairman to serve the Bush Regime. President Clinton appointed Arthur Levitt in 1993 and Levitt served Clinton's entire term.

The policies of financial deregulation (and not enforcing what regulations remained) were in place before Cox headed the SEC. This is certainly not all his fault. This could be characterized as a Republican scheme, although a few key Democrats signed on to it as well. Much of the scheme was engineered by Phil Gramm when he was chairman of the Senate Banking Committee and was supported by Senator McCain. During Gramm's entire tenure as committee chairman, the President was Bill Clinton, who signed the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act (which contained the "Enron loophole") into law.

There's plenty of bipartisan blame to go around.

Maybe his boss should be fired for not moving sooner. Oh wait, that would be GWB.

It's a good thing that McCain has Gramm in his corner, making all of the tough financial decisions.

they get themselves in a jam....But they never ever take responsibility for themselves....constantly pointing the finger at others, it's always someone else' fault...Fucking republicans!!

Must be pretty nice to have your own Ministry of Information to bail you out all the time.

The problem with what is going on on Wall St. right now are these credit default swaps. These financial instruments were made TOTALLY UNREGULATED by and act of Congress and signed by Clinton in the waning days of his administration, passed in the dead of night as I understand it. Nobody knows how many of these credit default swaps are out there and how much in the way of losses may be at risk. There are absolutely NO CONTROLS ON THESE INSTRUMENTS AT ALL, and they are backed by mortgages that are nearly all sub-prime. Makes you feel good doesn't it? Stocks bonds and other securities have little to do with it but they are being affected by it.

Christopher Cox has no authority over these financial instruments at all, thanks to Wall St.'s wet dream of being totally unregulated. Cox's hands are tied, he can't do anything. If I were him I would tell McSame to go F__K himself.

literally and figuratively
:evilfrown:

I hope his extended family lives in PA

But while the president nominates and the Senate confirms the SEC chair, a commissioner of an independent regulatory commission cannot be removed by the president.

From time to time, presidents have attempted to remove commissioners who have proven "uncooperative." However, the courts have general upheld the independence of commissioners. In 1935, President Franklin Delano Roosevelt fired a member of the Federal Trade Commission and the Supreme Court ruled the president acted unconstitutionally.

Asked how McCain would fire Cox if the president does not have the formal power to fire the chairman of the Securities and Exchange Commission, the McCain campaign pointed to former SEC Chairman Harvey Pitt who resigned in 2002 when it was made clear to him that he had lost the confidence of the Bush administration.

"Not only is there historical precedent for SEC Chairs to be removed, the President of the United States always reserves the right to request the resignation of an appointee and maintain the customary expectation that it will be delivered," said McCain spokesperson Tucker Bounds.

http://blogs.abcnews.com/politicalradar/2008/09/mccain-blasts-o.html

Dear Tuck

Johnny and I want this guy and everyone involved in this SEC mess gone. Please get back to me quickly as we want to name names at our next stop. Time to shake it up and so some fixin. Reply to my GMAIL account quickly with answers please!!!!

1. Who appointed this Cox character?
2. I heard someone talking about some new book that says that this guy uses his power to make the regulations and then enforce them. Is that even legal?
3. Who drafted these rules that Cox has been enforcing?
4. When can we fire him?

Thanks - VP.Sarah

Dear Ms. Palin - In response to your inquiry
1. President Bush
2. That wasn't cox - that was Bush Cheney on domestic spying and yes it is illegal
3. The taller old guy you are having lunch with. We call him Phil
4. Best case scenario 2012

:-) And, yes.

Wouldn't it be illegal to fire him like that.

:-)