Posted on 09/18/2008 12:50:09 PM PDT by Fred
CEDAR RAPIDS, IA - John McCain is fed up and not going to take it any more.
At a Hawkeye State rally Thursday, he took his rhetoric up a notch and called for the firing of Securities and Exchange Commission Chairman Chris Cox.
“The Chairman of the SEC serves at the appointment of the President and in my view has betrayed the publics trust. If I were President today, I would fire him,” McCain said at the 5,000 person event, accusing the SEC of failing to adequately police the market.
“(The SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling — which simply means that you can sell stock without ever owning it. They eliminated last year an important rule called the uptick rule that has protected investors for 70 years,” he added. “Speculators pounded the shares of even good companies into the ground.”
Cox, a former California GOP congressman, is currently in his third year at the SEC.
But during a briefing with reporters on Capitol Hill, Democratic Senators Harry Reid and Chuck Schumer said McCain’s call for new leadership will not stabilize the markets.
“At this time, calling for someone to be fired in the middle of this crisis might sound really nice, but it doesn’t do anything to help people and calm the markets,” Schumer said. “Instead of firing Cox, Senator McCain ought to explain how his policies will differ from George W. Bush…maybe he should ask that Bush be fired instead of Cox.”
That led Reid to sarcastically say, “maybe he wants Phil Gramm to serve on the SEC.”
(Excerpt) Read more at embeds.blogs.foxnews.com ...
Schumer is a joke
This is a sleeve job that Fox is, for reasons I can’t fathom, playing into. McCain ALSO indicted Obama for being the second-largest recipient of special interest money from Fannie Mae/Freddie Mac and named Obama’s advisors who actually ran the two agencies into the ground, getting away with millions. When is anyone in the ‘mainstream press’ going to publish THAT???
BTW, Rush mentioned this emphatically in hour two.
Guess the wall street guys are getting sick of the Shakedown Shumer, they deserve each other.
You can add Reid to the list. Chucky has no business talking about McCains record as his mouth contributed to a recent back failure.
You mean....IndyMac Schumer?
He needs to STHU!!
Phil Gramm might be excellent on the SEC.
and as for Schumer “Sit down, Chuck”
I've had my differences with Senator McCain - a lot of them, actually - but I never have to doubt that when he says "Country First", he really means it.
Chris Cox was a top notch congressman from Southern California. If Cox allowed these changes to go thru, hmmm. I’d like to hear his side of the story.
And Sen Schumer, just how many donations did you get from bank X?
Always good to hear from Harry “no one knows what to do” Reid.
Asking to fire Cox is all well and good I suppose but WHY OH WHY does McCain always slam republicans and never slams dems???
I want to hear out loud, every day, how the libtards are the ones that created the subprime mess, stymied ever effort to correct and then recieved boatloads of cash from the executives of these sham companies.
Love that post!
McCain is full of BS. Naked short selling has been illegal for years. And if they want to catch the naked shorts, then they should tear open the books of the investment banks and hedge funds. There’s a story out today that Lehman is suspicoiusly unable to find some stock certificates. Hmmm, might it just be because...they never had them ?
I’ll see if I can find the link.
This is why neither presidential candidate is a solution. Neither one has a clue.
Besides if you ban the shorts who have borrowed shares, then you get what Shanghai has - 71% down so far this year. No bid.
Our fine senate at work. Do the public a service and resign.
Ok, fine go after Cox-—but why not mention BY NAME Franklin Raines and Johnson????
Excellent. McCain will NOT get the edge he needs on this until or unless he NAMES NAMES among the Obama-ites.
naked shorts need to be banned. regular shorts do not. alot of the naked shorting is happening from europe and the middle east and it puts companies into a death spiral as there is NO requirement to borrow the shares. and these hedge funds play a scam game with the FTD (fail to deliver) by shifting the shorter from hedge fund to hedge fund and allow the 3 days rule to start all over again each time.
I’m glad naked shorting is finally being seriously looked at.
We want Shakedown Shumer to keep talking...boost the McCain/Palin ticket...go Chuck go!!!
Think maybe somebody is working up some indictments over at DOJ (quietly, secretly, to be sprung on Obama’s people at a propitious moment)?
Because first you go after people who are currently in charge, you can’t go after people who are no longer there without some investigation.
Unfortunately, it fits McCain’s history of attacking Republicans while letting Dems skate. Not very bright.
At this point I’d attack everyone who’s culpable.
This is why we need term limits. Too many crooks who’s been there for too long.
Larry, do you really have to ask? If their names pop up in the LSM, the gig is up for the whole Bush crashed the financial system rag and they have to cop to being just about personally liable for costing America about 100 billion before personal gains. I suspect they’re going to be loath to do this. But your implied point, if I take it correctly, is also correct: so why is Fox playing along? Maybe they’re waiting for Hannity to mention it? I am just about dead-sure O’Reilly will not, until it is mentioned elsewhere in what he decides is the reliable media. I’m in WnL mode for another 15 minutes, but has Hannity mentioned it on his radio show yet? I know Rush hammered it.
How interesting, MAD policy applied to election revelations. I guess it would amount to a game of chicken and one question we might mull over is whether this plays better as the first strike or the first response.
I think you’ve nailed it.
Yeah, I know, but I would have thought McCain had learned from Bush that you CANNOT let this stuff go unanswered, and you have to name names.
He did, he did!! named names in his largest voice and got a tremendous response. My point is that the media studiously refuse to replay the footage and I can’t figure why Fox isn’t going for the scoop.
Yeah, I just love selective enforcement too. Notice that they only care about the financials, and only in the last few months.
Where was Cox before this ?
“STAND UP, CHUCK !!”
Senator McCain..take the gloves off and expose each and every corrupt Democrat. To quote your line, sir, let us "know his name and make him famous".
He goes after Chris Cox, an honorable man and a long time star in the Republican ranks. Who serves on his election committee.
McCain could have cited Barney Frank or Chris Dodd or Obama or ten dozen other rotten current or former officials. But noo, he wants to look “bipartisan” so he personally attacks a good man from his own party and throws Chris Cox under the bus. Who he could not “fire” even if he was the President.
Nice shooting, ace.
I sure as hell hope you do better when we elect you.
“I want to hear out loud, every day, how the libtards are the ones that created the subprime mess, stymied ever effort to correct and then recieved boatloads of cash from the executives of these sham companies.”
Oh yeah, and they even gave us the wonderful bastions of corrution: Fannie and Freddie! They fail.
Yep, it’s Sarah who is channeling Reagan—definitely not John!
Hint for the McCain campaign: Don’t let him utter a word on the economy unless it passes the WWLKS ?(What would Larry Kudlow say?) test.
“I want to hear out loud, every day, how the libtards are the ones that created the subprime mess, stymied ever effort to correct and then recieved boatloads of cash from the executives of these sham companies.”
Oh yeah, and they even gave us the wonderful bastions of corrution: Fannie and Freddie! They fail.
If it were up to me, however, I tend to agree with McCain, and I fire the whole lot of them, starting with Bernake and Paulson, and moving my way on down the line. The government needs start working for the people, not focusing on the next creative way to save banks from poor management.
Because he has to separate himself as much as possible from the pubbie representatives and senators—and Bush. I am sure he was not who the RNC wanted carrying the pubbie standard. He’s poked too many republicans in the eye—including Bush. One reason, besides choosing Palin as running mate, he is doing well is that he has staked out his maverick position. Oh, and by the way—pubbies are up to their eyeballs in this financial debacle, too. McCain was warning about this in 2002. No body wanted to hear it.
And he should be calling for voters to eject all incumbents from their nice cushy offices.
Ok, well if McCain is naming names, it won’t be long. They can’t ignore this stuff, esp. if he does so in the debates and if he turns Palin loose on it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.