| Sep 20 @ 4:56 AM |
McCain Flub? Republican Says He'd Fire SEC Chair as President
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legacy1
Posts: 516
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McCain Flub? Republican Says He'd Fire SEC Chair as President
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Share September 18, 2008 1:47 PM
ABC News' David Wright reports: At a joint rally in Cedar Rapids, Iowa, Thursday, Republican John McCain slammed the Security and Exchange Commission (SEC) for being "asleep," 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.
From time to time, presidents have attempted to remove commissioners who have proven "uncooperative." However, the courts have generally 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.
SEC Chair Chris Cox released a statement Thursday in which he disagreed with McCain that he should be fired, and defended the regulatory agency he heads.
“While I have great respect for Sen. McCain, we have sometimes disagreed, and this is one such occasion," Cox said in a statement. "The SEC has made plain that we have zero tolerance for naked short selling. In this market crisis, the men and women of the SEC have responded valiantly, as they always do –- with the utmost dedication and professionalism."
The White House said this week it wants to stay out of politics, but a Bush administration spokesperson said today of SEC Chairman Cox, who was nominated by President George W. Bush, "The chairman has the president's support."
Link:http://blogs.abcnews.com/politicalradar/2008/09/mccain-blasts-o.html
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| Sep 20 @ 5:00 AM |
McCain Flub? Republican Says He'd Fire SEC Chair as President |
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Novalite
Posts: 3,093
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A vote for McCain is obviously not a vote for Bush. McCain saw this coming in 2005 and is totally at odds with Bush on this one.
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| Sep 21 @ 1:02 AM |
McCain Flub? Republican Says He'd Fire SEC Chair as President
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lefthandedluckie
Posts: 5,081
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Alzheimers, too much oxycontin for the pain he has from the big C and all that alcohol....this man is a walking clusterf***! 
What will this DA do next! 
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| Sep 21 @ 1:05 AM |
McCain Flub? Republican Says He'd Fire SEC Chair as President |
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Novalite
Posts: 3,093
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Perhaps you might think about what you wrote, look at the OP again and then rewrite your post so that actually makes sense. 
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| Sep 21 @ 1:17 AM |
McCain Flub? Republican Says He'd Fire SEC Chair as President
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lefthandedluckie
Posts: 5,081
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This is the republicans pic for prez!
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| Sep 23 @ 2:46 PM |
McCain Flub? Republican Says He'd Fire SEC Chair as President |
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Silver1961
Posts: 4,093
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That damn liberal media is at it again 
Conservative Columnist George Will declared that the Senator was decidedly un-presidential
For John McCain, the panel discussion on This Week with George Stephanopoulos could not have been more brutal.
Minutes after conservative columnist George Will declared that the Senator was decidedly un-presidential is his unexpected call for the firing of SEC Chairman Chris Cox, Sam Donaldson, the long-time ABC hand, said that McCain's erratic message on the economy again raised questions about his age.
"I suppose the McCain campaign's hope is that when there's a big crisis, people will go for age and experience," said Will. "The question is, who in this crisis looked more presidential, calm and un-flustered? It wasn't John McCain who, as usual, substituting vehemence for coherence, said 'let's fire somebody.' And picked one of the most experienced and conservative people in the administration, Chris Cox, and for no apparent reason... It was un-presidential behavior by a presidential candidate."
Donaldson then jumped in: "It was two days after the he said the fundamentals of the economy were strong. His talking points have gotten all mixed up. And I think the question of age is back on the table."
It should be noted that McCain's call for the firing of Cox was dismissed right off the bat, as the president does not have the authority to axe an SEC chairman. The criticisms that Donaldson raised concerned the fact that McCain started the week by touting the fundamentals of the economy, before pivoting into fits of populist mantra and calling for increased regulation of the markets - position at odds with McCain's traditional economic philosophies.
"When I say age," he explained, "I don't know the difference between finding your talking points and not delivering the right ones, we have seen him do this frequently but this last week was the worst. Between two stops in Florida, as you say, he had to revise his thinking about what he wanted to say about the economy, wanted to feel the pain suddenly than say everything is great."
The whole, painful, episode crested with Will leveling an even harsher blow.
"John McCain showed his personality this week," said the writer and pundit, "and made some of us fearful."
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| Sep 23 @ 2:56 PM |
McCain Flub? Republican Says He'd Fire SEC Chair as President
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theblessedone
Posts: 172
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The White House said this week it wants to stay out of politics
Oh, I agree. The White House should never participate in anything political.
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| Sep 23 @ 3:22 PM |
McCain Flub? Republican Says He'd Fire SEC Chair as President |
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eastham
Posts: 6,341
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A vote for McCain is obviously not a vote for Bush. McCain saw this coming in 2005 and is totally at odds with Bush on this one.
He saw this coming? Just this week, McCain said the economy's fundamentals were strong.
John McCain may like to play the scourge of Wall Street this week, but he's playing against type. McCain has heartily supported deregulation and reduced oversight for years. Just this month in the September/October issue of Contingencies, the journal of the American Academy of Actuaries, McCain penned a letter on health care reform. In it he wrote:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
Doesn't sound like a man who wants more oversight and regulation for finance. Indeed, in July McCain spoke at a town hall meeting in which he called for more deregulation.
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| Sep 23 @ 5:55 PM |
McCain Flub? Republican Says He'd Fire SEC Chair as President
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vinnytmd
Posts: 6,004
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McCain is 100% RIGHT. The SEC is responsible to approve all Filings by Publis Companies. They have a right to immediately halt trading on any stock that they deem non compliant. This guy should GO. He was asleep at the wheel.
GO Maverick John!
There are plenty of regs in place for these Public Companies. There is no need for MORE! Anyone the understands stocks knows that the SEC Rules are stringent and specific. People need to be held accountable.
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| Sep 24 @ 5:25 PM |
McCain Flub? Republican Says He'd Fire SEC Chair as President |
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lefthandedluckie
Posts: 5,081
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Put everyone of those CEO's involved in jail! Then sort out the charges later at GITMO! We will move those guys there for National Security reasons! 
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