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

[No Passaran]

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-...

[brucefan]

1. Someone please get this man

medical care,and plenty of rest

[tanyev]

11. Or at least get a giant hook and pull him off the stage.

[Deny and Shred]

15. That is the a great mental image.

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

He really is just a bad vaudeville act.

[WheelWalker]

18. Who's on the Gong?

[lonestarnot]

28. Do they throw pies, rotten fruit and eggs on dat show?

[lurky]

2. "I know how Washington works."

Wasn't that one of his big lines?

[BearSquirrel2]

21. And Palin is a "Washington Outsider"

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

[BearSquirrel2]

22. How about a bill to ban short selling in this session ...

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

[blue sky at night]

3. When are you going to learn.....

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?

[Jackpine Radical]

4. The regulators were asleep. McCain & Gramm were the ones

who slipped them the Mickey Finns.

[The Backlash Cometh]

6. When McCain goes down in flames, I hope Gramm goes down with him.

[HopeHoops]

10. Gramm has a nice toasty warm seat waiting for him downstairs ;}

[ChairmanAgnostic]

14. not nearly hot enough.

Not even close.

[Triana]

5. Yeaboy that's what we need for Pres - ANOTHER doofus who doesn't know or care...

...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!

[Bette Noir]

7. Someday, this will all seem funny...

As soon as January 20, if our guy wins.

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

[Mark E. Smith]

8. McCranky's Maverick Dreamland ...

... meets reality.

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

[No Passaran]

13. Next up: Bud Selig

why not..

[HopeHoops]

9. He's a Bush man - Executive order, signing statement, whatever - Put Sarah Cheney on it.

[high density]

12. Could you imagine if Obama had made this gaffe?

He'd never hear the end of it.

[Pete2069]

16. If his lies and deceit keeps coming out in the news media ,, Then

We might see a McSame meltdown right in front of our eyes...  
Please don't let this man even know where that phone or
button is...

[greyghost]

17. The man is clueless, totally clueless.

[Piewhacket]

19. buh buh .... Bwha hahahhahhhhhhhahhhahah whooo haaaaa ....

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 ....

[superconnected]

20. We really need Mccain and Palin to keep talking

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.

[karynnj]

23. Bush nominated him because he would losen regulation

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.h...

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.h...

[struggle4progress]

24. Palin ain't know what VPOTUS does & McCain ain't know what POTUS do: it's a match made in heaven

[ryanmuegge]

25. Fucking idiot.

[crossroads]

26. What an a$$hole!

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

CR

[robcon]

27. He can't fire a commissioner, but he can appoint someone else the chair.

"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?t...

edit:spell

[BrotherBuzz]

29. Is anyone on DU collectiong McCain's gaffes in one central location for easy retrieval?

It seems he's averaging a doozy a day.

[DS1]

30. Someone telegram that man that he is fired!