McCain's SEC Slam Becomes Latest Gaffe: The President Can't Fire The SEC Chair

Source: abcnews.com

At a joint rally in Cedar Rapids, Iowa Thursday, Republican John McCain slammed the Security and Exchange Commission (SEC) for being "asleep at the switch" saying that if he were president, he would fire Chris Cox, the chairman of the SEC since 2005 and a former Republican congressman.

McCain said the SEC has allowed trading practices such as short selling to stay in place that turned the "markets into a casino."

"The regulators were asleep, my friends," McCain said. "The chairman of the SEC serves at the appointment of the president. And in my view has betrayed the public trust. If I were president today, I would fire him."

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.

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

medical care,and plenty of rest

May I add a few thrown pies, and both rotting fruit and vegetables.

He really is just a bad vaudeville act.

:rofl:

Wasn't that one of his big lines?
:D:D:D:D:D

And you have to get rid of those "Washington Insiders" unless they are John McCain.

Serious, get the bill to ban short-selling up. Then we'll see what John McCain thinks.

the rules are for the "other" guys....you know the Dem's, us repubs just make em up as we go, we don't need no pieces of paper with the rules on them. Show this post to any puke; they would say SO WHAT?

who slipped them the Mickey Finns.

Not even close.

...how the US gov't works - and more importantly - how it's SUPPOSED to work.

Pfffft!

That's how we ended up with Drinky Dumbass wiping his ass on the Constitution every day.

Thank you very LITTLE and f*ck you very MUCH Usurping Crap Court!

As soon as January 20, if our guy wins.

Fifty years, if the Republicans manage to steal the election again.

... meets reality.

The world outside of McCranky's head must seem
like a hostile place for the poor old guy.

why not.. :)

He'd never hear the end of it.

damn (wiping tear). damn.
that was good.
ahhhh.

ah ah... oh, oh ... here i ga ga-go aga....
buh buh .... Bwwwhaaaa hahahhahahhha hootie whooo haaaaa ....

(someone help me!)

buh buh .... Bwwwhaaaa .... :rofl:

The Spain is a country in central America gaffe was shocking and needs to be on the nightly news for all of America to see.

It was rumored that his predecessor was pushed to resign because the Republicans wanted less regulation.
http://news.bbc.co.uk/2/hi/business/4607035.stm

By the way, as this problem blew up in 2004 through 2006 , the housing bubble, read what the Democratic position was:
http://www.nytimes.com/2007/12/18/business/18subprime.html?pagewanted=3&_r=1

Senator John Kerry added a plank to his platform yesterday, promising to push for legislation that would curb what his campaign describes as abusive practices in credit card and mortgage lending.

<snip>

Mr. Kerry's principal mortgage proposal would prohibit lenders from using balloon mortgages in most subprime loans, which often go to low-income people at higher rates.

Pass that to Republicans who want to blame the Democrats, Kerry would have acted to stop the abuses. (Blame the media as well had they told the truth in 2004, Kerry would have won. The hardest people to blame the Democrats)

The people responsible were:
Greenspan who thought the FED shouldn't monitor
the Bush regulatory agrencies

Here's a good article:
http://www.nytimes.com/2007/12/18/business/18subprime.html?pagewanted=3&_r=1

He is running against his own partys failures... Geesh... he should have know this was not true!

CR

"The functions of the Commission with respect to choosing a Chairman from among the Commissioners composing the Commission are hereby transferred to the President. "

US Code, Securities and Exchange Commission, 1949
http://www.law.cornell.edu/uscode/search/display.html?terms=Chairman%20&%2078&url=/uscode/html/uscode15/usc_sec_15_00000078---d000-notes.html

edit:spell

It seems he's averaging a doozy a day.