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McCain Flub? Republican Says He'd Fire SEC Chair as President
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."
Campaigning together in Iowa today, McCain and Gov. Sarah Palin accused the Obama campaign of taking political advantage of the recent economic crisis.
"My opponent sees an economic crisis as a political opportunity instead of an opportunity to lead," McCain said.
Palin said, of Obama, “He likes to point the finger of blame, but does he ever lift a finger to help?”
McCain accused Obama of taking more campaign contributions from Fannie Mae and Freddie Mac executives than anyone, aside from the chair of the congressional committee that regulates the lenders.
“While Sen. Obama was lining his pockets with campaign contributors, he didn’t lift a finger,” said McCain, who took credit for warning Congress of the impending crisis two years ago. McCain also noted that the former head of Obama’s vice presidential search committee, Jim Johnson, was formerly a Fannie Mae executive.
The Obama campaign says that, when talk show host Sean Hannity asked Palin last night whether there should be an investigation of campaign contributions by Fannie and Freddie executives, she deferred, saying, “that’s significant, but even more significant is the role that lobbyists play in this.”
Obama campaign staffers note that several of McCain’s top advisors –- including campaign manager Rick Davis, vice presidential vetter Arthur Culvahouse, and McCain consigliere Charlie Black -– lobbied on behalf of the mortgage giants.
ABC News' Martha Raddatz, Lisa Chinn, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala contributed to this report.
September 18, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans | Permalink | User Comments (857)
Please
Mccain and Keating and deregulation
we lost a trillion dollars then and keating went to jail
now
Mccain and Gramm and deregualtion
we lost a trillion dollars and Gramm writes our future economic policies
you have got to be stupid to vote for the same guy who was at the center or hanging with the center of both collapses.
throw these bums...
this economic bum and liar out.
Posted by: dl | Sep 18, 2008 1:56:02 PM
If the SEC was asleep at the wheel then where was McCain and Bush prodding them to wake up. McCain is shirking responsibility for his role in lauching this mess....i.e, de-regulation and de-masculizing federal agencies until they are incompetent. McCain = Bush. Same Republican philosophy. McCain thinks the problem is lack of leadership not policy. He is still pushing for de-regulation (I think...it is hard to tell since he flip-flops constantly)...
Posted by: indy_voter | Sep 18, 2008 1:56:50 PM
it was deregulation and chummy relationships with the deregulating lobby that got us the S and L crisis and the Keating 5.
and it is deregulation and chummy relationships that just got this mess...and the second time trillion dollar buy out... and now McCain is pullin gthis bull as the guy who got it here for us...the deregualtion lobbyist
wrote his freakin economic platforma nd policies.
same guy two different buddies
same results
Mccain Keating
Mccain Gramm
same team
same tactics
same results
throw these bums out.
Posted by: dl | Sep 18, 2008 2:00:23 PM
This gets funnier by the minute ,I had not IDEA THAT BARACK WAS THE PRESIDENT OF THIS COUNTRY FOR THE PAST 8 YEARS .
FUNNY HOW THE SO CALL AGENT OF CHANGE MCCAIN FORGOT TO MENTION HIS BUDDY pres BUSH .LOL
MCCAIN IS GOING DOWN .WELCOME TO THE TITANIC MCBUSH ENJOY THE SINK.
Obama / Biden /08 .
Posted by: really! | Sep 18, 2008 2:00:39 PM
“Big Brother had nothing on the Obamas. They plan to herd American youth into government-funded reeducation camps where they’ll be brainwashed into thinking America is a racist, oppressive place in need of ’social change.’”
Investor’s Business Daily is referring to an organization known as Public Allies.
Has Investor’s Business Daily gone of the proverbial deep end?
Perhaps not. Just in case you’ve never heard of Public Allies, know that there are about 250 separate and unique references on Google comparing it to the Hitler Youth Corp.
No, that’s not a sick joke or exaggeration! In many cases, these comparisons are not made lightly, foolishly or flippantly.
Public Allies is an extremely radical leftist organization that seeks to bulldoze free America and replace it with a totalitarian socialist state.
Investor’s Business Daily goes on in the aforementioned editorial — aptly named “Michelle’s [Obama] Boot Camps For Radicals” — and states:
“But its real mission is to radicalize American youth and use them to bring about ’social change’ through threats, pressure, tension and confrontation — the tactics used by the father of community organizing, Saul ‘The Red’ Alinsky.”
But wait until you hear — as radio personality Paul Harvey would say — “The Rest of the Story.”
Barack Hussein Obama plans to use Public Allies, which he features on his campaign Web site, as the model for a national service corps.
He calls his Orwellian program, “Universal Voluntary Public Service.”
And why not?
After all Obama was a founding board member of Public Allies and his wife, Michelle, was executive director of the Chicago cell
Posted by: HP Boston | Sep 18, 2008 2:00:53 PM
I guess McCain noticed his poll numbers and will say and do anything.
The McCain camp is in Panic tone and total disarray.
Posted by: Vanessa | Sep 18, 2008 2:02:09 PM
McCain accusing Obama of politicizing the financial crisis is the height of hypocrisy. What does he expect him to do, keep silent? Then he'd be all over him for being out of touch. And wasn't there a situation in Georgia a little while back that McCain HUGELY politicized, trying to act like the world's hero?
More hypocrisy from a lying hypocritical campaign.
Posted by: jon in maryland | Sep 18, 2008 2:02:27 PM
Senator McCain should fire himself for his 26 years of pursuing deregulation.
Posted by: Dan | Sep 18, 2008 2:04:44 PM
Wow..the dumb and ignorant are going to be excited about wealth redistribution which is what Obama/Biden want. If this country thinks this Dem ticket will make our economy better, they are in for a shock. Sounds like we're inching closer to the Socialism that Obama wants and it will be the complete downfall of this country. Biden now saying it's "patriotic" for those that have worked hard for their money to just give hand outs to the middle class?
What? Sorry to say, those like Donald Trump won't see it that way.
McCAIN/PALIN.....TRUE COUNTRY FIRST, TRUE CHANGE, TRUE REFORM
Posted by: Emma | Sep 18, 2008 2:11:43 PM
When Obama discusses the issues of the day the McCain camp calls him an opportunist. They'd rather talk about lipstick and celebrities?
The McCain philosophy of deregulation has had a direct impact on this mess. Obama should raise the issue. It is a fundamental difference between the parties.
McCain again shoots from the hip and misses the mark.
Posted by: SET | Sep 18, 2008 2:13:03 PM
Another day, another dishonest statement by John "Spin" McCain!
Today's regulations are REPUBLICAN regulations. They emphasis the need to leave all markets without any oversight whatsoever.
Personally, if Billions (Trillions?) of taxpayer dollars are going to be used to bail out unregulated companies "too large to fail" I would like the goverment to actually be awake: 1) requiring full disclosure 2) drilling down and investigating risky no-doc loans and the conversion of B grade mortgages into A grade securities 3) acting to stop risky, dishonest, greedy behavior that threatens to destroy the U.S. economy.
FEC Chairman Chris Cox didn't do these things. He did not require meaningful disclosure of risky actions in the financial sector. He did not investigate these risky actions. He did not order the end to these risky actions. He followed the REPUBLICAN doctrine of LOOK-THE-OTHER-WAY regulation perfectly.
Now we pay the price. For the Bush-Gramm-McCain policies.
John McCain is looking for someone to fire, he should fire HIMSELF. He and his mentor, Phil Gramm, believe in and created this situation.
Posted by: John | Sep 18, 2008 2:15:22 PM
Emma,
Is Donald Trump really a game changer?
I think McCain's record of deregulation is more significant.
Posted by: ? for Emma | Sep 18, 2008 2:15:28 PM
Well, at least Obama created the stimulus package (oops - that was just a lie he said in Golden, Colorado - while the bipartisan package was similar to an idea he had, he couldn't even bother to come off the campaign trail to vote for the package, which McCain did vote for).
Obama is great at speeches, there's no doubt, and he certainly is compelling in front of his bank of flags, but so was Adolf Hitler.
Posted by: traci | Sep 18, 2008 2:17:13 PM
traci, talk about a stretch. Now you are comparing Obama to an evil dictator who committed genocide.
How about we talk about the economy?
Posted by: Wow | Sep 18, 2008 2:19:52 PM
If the SEC was asleep, it was because McCain slipped them a mickey. The system was deregulated, just the way you wanted. This is the result, please take you bow. Keep in mind McCain wants to also throw Social security into this gamblers mix. It is easy to be for somethign when it is up and against it when it is down. We need more from a President.
Posted by: Jason | Sep 18, 2008 2:20:11 PM
HP Boston: Another day another smear on a good non-profit organization trying to help our youth. You stoop to a new low...but hey, your probably proud of it.
Posted by: linda n carolina | Sep 18, 2008 2:20:47 PM
McCain and Camp are losing it. gaffe after gaffe. Talk tough and screw it up, he is even throwing the Country of Spain under the bus just so he doesn't have to say he was confused or did not understand the question.
He is not showing much in the realm of leadership, understanding, steadiness, and political acuity.
Headlines should read "McCain Campaign in Total Meltdown"!
Posted by: Thinking | Sep 18, 2008 2:22:04 PM
Oh, nice touch Traci. Compare Obama to Hitler. Low blow, but typical of many radical right wingers.
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:22:46 PM
Obama the genius going to the UN Security Council to censor Russia.
Posted by: geevill | Sep 18, 2008 2:24:46 PM
Obama got owned today. Obama's radical policies are now being exposed. Obama walked into a trap by attacking McCain-Palin, now they are springing it on him.
McCain and Palin hit back on Obama, right in the jaw, with the truth!
Sarah Palin speaking about Obama:
“When it comes to reform, has he hever once said, ‘We did’ instead of ‘I will’?
Brilliant!!
Obam has done NOTHING. When it comes to helping the American people, Obama's all talk and no walk!
McCain-Palin '08
Hillary 2012
Posted by: USVet | Sep 18, 2008 2:26:20 PM
I don't think the UN can "censor" Russia, Geevill, but they might censure them. LOL
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:27:51 PM
McCain's reputation for lies and smears seems to be catching up with him as so many see through him.
He is beyond opportunism. Desperate to win no matter what he has to say or do.
Psychiatrists call that pathological.
Almost everyone 'gets it' except for
writer HP (which stands for Carli Fiorina who doesn't know they dumped her for saying McCain and Palin are not qualified to run HP?).
And Donald Trump???
Let him eat cake.
Posted by: susan | Sep 18, 2008 2:28:31 PM
Traci and Emma, pls get a life (and some facutal books to read). Obama did call sponsor a second stimulus package several months ago. McCain has been the most absent senator in the history of the Senate these past two years. The stock market is falling over a cliff and you're worried about what Obama might do? How come you never worried about what McCain and Bush were doing. Get real!
Posted by: CMSgt Preston | Sep 18, 2008 2:28:37 PM
The bottom line is that McCain has a voting record that supports deregulation. Now he wants to pass the buck to the SEC Chair, whom he would have no authority to fire as President.
Posted by: Stacey | Sep 18, 2008 2:29:03 PM
Wow, Mccain is really getting hammered today. Saying he would fire someone the president does not have the authority to fire, appearing confused on exactly where Spain is, hearing senior Republican Senator Chuck Hagel publicly doubting Palin's credentials to be VP, numbers dropping in the polls - and it's only mid-September.....
Posted by: SearamblerOne | Sep 18, 2008 2:29:05 PM
Gotta hand it to you, USVet (by the way, I am one too), Palin does know how to deliver the lines they give her. We'll see how she does on Face the Nation or Meet the Press.
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:29:19 PM
economic crisis? What economic crisis
The Economy Is Basically STRONG !
The Epitaph : Of McBush and Friend
GW. Bush RIP.. They were both saying
this Last Freaking Week....
Now they want to Blame everyone but
Themselfs.......... a McShame!
Posted by: Anita Yova | Sep 18, 2008 2:29:43 PM
? for Emma - I think Donald Trump actually is a game-changer for the Republicans. You essentially have Obama mocking McCain for saying the fundamentals of the economy are strong, then you have Trump coming out and saying that now is an excellent time to invest (which contradicts Obama). Trump also said McCain's plan will help more Americans prosper. Like him or not, Trump is a man who built his own wealth and helped many others becoming wealthy too - his opinion matters just as much, if not more, than Matt Damon's or Meg Ryan's. When it comes to wealth building, he's someone people listen to.
Posted by: Just following along | Sep 18, 2008 2:30:30 PM
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.
McCain just flunked the job application
now time to stump his VP (intern) candidate as she challenged.
Posted by: watching | Sep 18, 2008 2:30:41 PM
Obama picked Joe MNBA as his vice president. The credit card industry loves biden.
Harvey Pitt was pushed out at the SEC.
No Sec chairman is going to stay on without the confidence of the president.
Posted by: Jason | Sep 18, 2008 2:32:14 PM
Three Dog Night was just on oldies radio singing "I've Never Been to Spain." Should be Kermit and Miss Piggy's theme song!
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:33:17 PM
Wow..the dumb and ignorant are going to be excited about wealth redistribution which is what Obama/Biden want. POSTED BY EMMA.....
EMMA, WHAT exactly do you think IS going on? And has been going on for years??
I take it you are okay with wealth redistribution as long as it taken by the wealthy and the well connected and robbed from the middle class?
Posted by: Truth Matters | Sep 18, 2008 2:33:28 PM
Obama hired the CEO of fannie mae for his VP search jim johnson and then picked Joe Biden.
Obama the same guy who bought land from rezko while rezko was under federal investigation for influence peddling.
If you want a south side chicago corrupt pol as president vote Obama. Vote for the protege of wright and rezko.
McCain warned about Fannie and Freddie in 2006. Obama said nothing.
Posted by: Steve | Sep 18, 2008 2:34:17 PM
USVET,
Mccain himself right in the jaw with this inaccurate comment!
Posted by: TW | Sep 18, 2008 2:34:33 PM
THE STOCK MARKET CRASHING DOWN IS THE RESULT OF 8 YEAR'S OF BUSH'S FAILED POLICIES AND 6 1/2 YEAR'S OF THE REPUBLICAN'S POOR AGENDA. IF YOU REPUB'S WANT THE REST OF THE COUNTRY TO COME CRASHING DOWN, AND PUT US ALL IN THE POOR HOUSE, JUST KEEP VOTING FOR YOUR DUMBASS CANDIDATE'S AND YOUR HALF ASS BACKWARD'S PARTY !!!
Posted by: James | Sep 18, 2008 2:35:59 PM
Well George McCain is simply learning from Ms. Palin - you can fire who you want to and the courts be darned. This isn't news.
Posted by: OnTheGloryRoad | Sep 18, 2008 2:36:43 PM
I think HP Boston is ill.
Posted by: Ivy | Sep 18, 2008 2:36:44 PM
DEREGULATION = McCain
Posted by: To Summarize | Sep 18, 2008 2:37:14 PM
To Wm:
Obama called the leader of canada the president of canada.
Obama called maliki the president of iraq.
Obama said 57 states.
Obama said 10,000 died in a tornado in kansas.
Obama had never been to western europe before last month.
McCain goes to europe every year for a nato security conference.
Obama called sunrise florida sunshine florida.
Joe Biden called Palin the lt governor.
The reporter had just asked McCain about chavez and latin america. She had a thick accent and you can't hear what she was saying.
You Obamabots are so far left you have gone off the road.
Obama was in kansas city and said he was in st louis.
Obama the affirmative action candidate so we can tell the rest of the world we elected Hussein as president.
Posted by: Jesse | Sep 18, 2008 2:37:21 PM
"The Pain in Spain Falls Mainly on McCain" Hee-hee
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:37:28 PM
"Obama the same guy who bought land from rezko while rezko was under federal investigation for influence peddling."
AT BELOW FAIR MARKET VALUE!!
Posted by: Obama Corruption | Sep 18, 2008 2:37:33 PM
He reminds me of Grandpa on the Simpsons!
Posted by: Wolfie | Sep 18, 2008 2:38:13 PM
"In Spain They Blame McCain for Lacking Brain" Whoo-hoo!
Posted by: Wm. J. LePetomaine | Sep 18, 2008 2:38:57 PM
Harvey Pitt was pushed out as SEC chairman.
No SEC chairman is going to serve against the pleasure of the president.
Cox would resign immediately if asked by the president.
Posted by: Sam | Sep 18, 2008 2:39:00 PM
this guy is retarded...since when has "short selling" been a bad thing? I bet he doesnt even know what short selling is?
Posted by: mo | Sep 18, 2008 2:39:05 PM
Obama is pretty smart...his two top economic advisors...one from failed Lehman Bros and one from failed Fannie Mae. Oh well, maybe they'll help him buy another house one day.
Posted by: rktsci3127 | Sep 18, 2008 2:39:29 PM
McCain supporters try to distract and smear with salacious Internet rumors. The fact is that McCain and Phil Gramm have supported deregulation. Unfortunately, they have been successful in passing legislation that has had a direct impact in the economic mess.
Posted by: Distractions Don't Work Anymore | Sep 18, 2008 2:40:17 PM
People connect the dots
Mccain Keating deregulation
trillion dollar bail out
Mccain Gramm deregulation
trillion dollar bailout
only now gramm is writing the economic platform for mccain.
you have to be, not just stupid, to vote for this guy at this point
but is there a word for super stupid.
Posted by: dl | Sep 18, 2008 2:40:29 PM
Tracy...time for a little education. Hitler was on the extreme right wing...so if you want to compare anyone to him...try Bush or McCain.
Posted by: Mark | Sep 18, 2008 2:40:55 PM
Anyone with any semblance of intelligence understands exactly what Sen. John McCain MEANT. Jesus! Is journalism nothing but immature "gotcha!" tactcs anymore?
Posted by: PhillyPaul | Sep 18, 2008 2:40:58 PM
Obama Hussein bought land from rezko while he was under federal investigation for influence peddling.
Obama Hussein the protege of rev wright the biggest fraud this country has ever seen.
Obama Hussein said ICE agents were terrorizing illegals.
Obama Hussein spit on small town americans at a billionaire's fundraiser in san francisco.
Obama Hussein and his radical supporters are the worst thing to ever happen to this country.
This Hussein guy wants to let free the Jenna 6 thugs.
This Hussein guy voted against a homeowner Hale Demar protecting his home against a robber.
Posted by: Jeff | Sep 18, 2008 2:42:02 PM
For the records Adolf Hitler restored the German economy and made a weak and poor nation great again
Posted by: Nob | Sep 18, 2008 2:42:23 PM
Worse and worse. This man is simply too out-of-touch and ignorant to be president.
Posted by: Alex | Sep 18, 2008 2:43:34 PM
McChaos clearly doesn't know how the fundamentals of our economic system work. The Pres does not have this kind of authority, and this is a fundamental check-and-balance that even I'm aware of just in doing my basic research when I started investing. If it were up to Bush and McCain, there'd be no SEC, since McCain spoke for years about a total ban on financial system regulation. McCain was 20% responsible for the financial collapse in the early 90's and lack of regulation is almost entirely responsible for our latest economic crisis. How is it that anyone possibly thinks McCain will get us out of this? Obama's economic plan outs the fundamentals in place, and Obama has been trying to get the Fed Reserve to regulate the mortgage crisis for over 3 years. Like almost everything else related to this campaign, McCain realized way too late (i.e. this Monday) that Obama's been right for years, and all of a sudden McCain the deregulator wants to regulate??? Huh? He's literally trying to copy Obama's plan. Obama/Biden 08
Posted by: alix | Sep 18, 2008 2:43:48 PM
Speaking of verbal garbage--Science proves that Obama is full of poo.
David Skillicorn--a mathematics and computer science researcher at Queen's University in Kingston, Ontario, Canada--has been watching out for verbal “spin”. He has developed an algorithm that evaluates word usage within the text of a conversation or speech to determine when a person “presents themselves or their content in a way that does not necessarily reflect what they know to be true”…
Each of the candidates had made speeches containing very high and very low levels of spin, according to Skillicorn’s program, depending on the occasion. In general though, Obama’s speeches contain considerably higher spin than either McCain or Clinton. For example, for their speeches accepting their party’s nomination for president, Obama’s speech scored a spin value of 6.7 - where 0 is the average level of spin within all the political speeches analyzed, and positive values represent higher spin. In contrast, McCain’s speech scored -7.58, while Hillary Clinton’s speech at the Democratic National Convention scored 0.15. Skillicorn also found that Sarah Palin’s speeches contain slightly more spin than average…
Obama’s spin level skyrockets when facing problems in the press, such as when Jeremiah Wright, the reverend of his former church, made controversial comments to the press.
“When you see these crises come along, the SPIN GOES UP,” Skillicorn says. “Obama is very good at using stirring rhetoric to deal with the issues. And it seems to work if you look at what happens in the polls afterwards.”
Posted by: the rise of the oceans began to slow and our planet began to heal | Sep 18, 2008 2:44:04 PM
Anyone know what happened to Carly F. after she said palin could not run a large company? All of a sudden she has disappeared.
Posted by: pt | Sep 18, 2008 2:44:13 PM
McCain, there you go again. You helped create this mess, now you proprose fixing it with an illegal solution. Way to go. How can one be qualified to be president if he does not even understand the job? I used to respect McCain. With the emphasis on USED TO. McCain no longer has the honor, judgment or temperament to lead. My friends, sad as it is, true as it is.
"As falls Wichita so falls Wichita Falls"
Posted by: Ken | Sep 18, 2008 2:44:39 PM
Finally, the press actually doing their job. Good piece ABC, you got it right.
Posted by: Mark in Florida | Sep 18, 2008 2:44:59 PM
Obama same old, same old. Pretend you are on the side of the people, all the while being the second biggest taker of contributions of Fannie and Freddie lobbyists. Put two of the top creators of this mess, Jim Johnson and Penny Pritzker on your campaign team. Biden totally in bed with the credit card industry.
Democrats in do nothing congress who Obama voted with 97% of the time. Never did anything to reform, never tells the truth about his tax plan, never reached across the aisle and hope no one pays attention to anything but his speeches.
Same old Washington career path.
Posted by: pennsylvaniavoter | Sep 18, 2008 2:44:59 PM
Mr and Mrs America, watch your wallet, the taxman cometh. It is your patriotic duty!
Posted by: zeferimus | Sep 18, 2008 2:45:01 PM
Truth is...the more you show republicans the truth the harder they stick to their lies. I guess it really is true..when you face a republican with facts.....they get dumber.
Posted by: Michelle H | Sep 18, 2008 2:45:28 PM
ABCNEWS enough is enough.
Harvey Pitt former SEC chairman was just pushed out in 2002 by Bush.
The president can get rid of the SEC chairman.
No SEC chairman is going to stay on the job against the wishes of the president.
Get a life ABCNEWS. I have had it with the liberal media. You people are so ideological you can't call yourselves journalists.
Posted by: James | Sep 18, 2008 2:45:36 PM
Who is McCain kidding? He has claimed over and over that he believes in less government regulation of markets. What a friggin' liar.
Posted by: kim duchamps | Sep 18, 2008 2:45:47 PM
Keating - Senator McCain was found to have done nothing wrong. What about the four democrats? Various levels of sanctions. Senator McCain learned an important lesson, and has been calling for improved oversight, especially of Fannie and Freddie, for years. What has Senator Obama done? NOTHING.
Posted by: jjsmith | Sep 18, 2008 2:46:19 PM
wow.
some of these comments are not only flimsy but far reaching. i am thinking that the mccaint camp is really starting to worry.
but then their economics advisor & lobbyist sen. phil graham might want to call them all a bunch of WHINERS...
A recent article illustrates how legislation is crafted and how those little known provisions slipped into a bill that no one had time to read can impact us years later.
Quote:
Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.
…
The act, he declared, would ensure that neither the sec nor the Commodity Futures Trading Commission (cftc) got into the business of regulating newfangled financial products called swaps—and would thus "protect financial institutions from overregulation" and "position our financial services industries to be world leaders into the new century."
It didn't quite work out that way. For starters, the legislation contained a provision—lobbied for by Enron, a generous contributor to Gramm—that exempted energy trading from regulatory oversight, allowing Enron to run rampant, wreck the California electricity market, and cost consumers billions before it collapsed. (For Gramm, Enron was a family affair. Eight years earlier, his wife, Wendy Gramm, as cftc chairwoman, had pushed through a rule excluding Enron's energy futures contracts from government oversight. Wendy later joined the Houston-based company's board, and in the following years her Enron salary and stock income brought between $915,000 and $1.8 million into the Gramm household.)
But the Enron loophole was small potatoes compared to the devastation that unregulated swaps would unleash.
Link: http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
(someone should kick phil graham in the dingleballs!)
Posted by: hemnebob | Sep 18, 2008 2:46:24 PM
Just following along - Trump saying that it's an excellent time to buy is not a contradiction to Senator Obama's statement that McCain is incorrect that the economic fundamentals are sound. If you had money and stock prices are down, it really isn't a bad time to buy ...if you know what you're looking for. There are some significant problems in the economy caused by deregulation of banking, mortgage and insurance industries (housing), energy dependence and incredible borrowing and spending (debt). These will not be turned around quickly and they are exacerbated by other issues i.e. cost of health care, need for education/job retraining, military rebuilding, and health care reform. However, if you are optimistic, eventually the market should rebound (at least for some businesses). So picking well now, when stocks are low could lead to personal financial gain in the future. But, picking well is the trick.
Posted by: 63tango | Sep 18, 2008 2:47:00 PM
So.....what can bush do about this regulator not doing his job?. . . . . NOTHING, regardless of what the Obama zealots say/type. . . . I'll be glad when this election is over so we can talk about this mortgage crisis. Although, all you obama supporters will do is bad mouth Bush, even if Obama wins. Likewise, the far rightwing fanatics will hate on Obama 24/7 like they did on Clinton. I'm proud to say that I didn't do that back in the 90s, even after a major financial market (nasdaq) filled up with fake companies (bogusscrewpeopleoutoftheirmoney.coms) and CRASHED on 3/00 during Clinton's watch. His administration didn't see it coming, just like Bush's didn't see this coming.
Posted by: Old_Blood_N_Guts | Sep 18, 2008 2:47:01 PM
This week started off with the stock market dropping over 500 points and investors lost $500-billion in equity. And this just wasn't one isolated day here. The market's been going down for a while now, and economists are advising us that we're either in a recession or about to enter one...and a major one at that. But that didn't stop McCain from repeating delusional line that "The fundamentals of the economy are strong." It's a phrase Grandpa John apparently loves, as he's said it about 22 times this year including:
11/27/07: "I think the fundamentals are strong"
1/10: "I think the fundamentals of this economy are strong"
1/17: "Our economic fundamentals are strong"
3/11: "The fundamentals of our economy are strong"
5/5: "The fundamentals of our economy are strong"
6/5: "The fundamentals of our economy are very strong"
McCain's insistence that the economy is strong should be a prime indicator to us of how out-of-touch he is with the financial anxieties of average Americans, let alone his grasp of the dire straits the nation is in.
Since George W. Bush took office in 2000, the "fundamentals of the economy" are bad and they continue to worsen:
-Unemployment 6.1% vs 4.2%
-Budget deficit of $357-billion vs $281-billion budget surplus
-National debt at $9.7-trillion vs $5.8-trillion
-Gas $4/gallon vs $1.27
-Inflation at 5.37% from 2.74%
-Real Wages down 2%
-Consumer Confidence Index .57 vs historical high of 145
Add to this gloomy picture the crisis, a mortgage meltdown, over 400,000 U.S. home foreclosures, and multiple Wall Street bankruptcies. Seriously, we need the right change which is Barack Obama. He is the one that from the beginning of his campaign has been talking about, “change we can believe in”. He is like a JFK who is looking into the future and the new horizons and ideas that will cause us to become more innovative and have a booming economy that will help this middle class get back on their feet.
Posted by: javier | Sep 18, 2008 2:47:34 PM
McCain didn't help create this mess.
McCain is against the enron loophole.
Obama hired the head of Fannie Mae for the VP search.
Obama's VP biden created this mess he is the MBNA vice president.
McCain warned about Fannie and Freddie in a speech on the senate floor in 2006.
Obama lead Clinton in one newsweek poll by 26 percent and Clinton still got more votes.
Obama does good in polls but lousy in the voting booth.
Posted by: Wayne | Sep 18, 2008 2:47:56 PM
the rise of oceans - wow, cackpot "Science" at its finest...
Posted by: nimbus | Sep 18, 2008 2:48:21 PM
What? Sorry to say, those like Donald Trump won't see it that way.
McCAIN/PALIN.....TRUE COUNTRY FIRST, TRUE CHANGE, TRUE REFORM
Posted by: Emma
Anythings got be better than where we are now. By the way, Donald Trump? It's interesting that you'd reference another adulterer! Who cares what that jerk thinks?
Posted by: roxanne | Sep 18, 2008 2:49:10 PM
If heads need to roll it's the whole Republican administration and the head of the Commerce Committee - Mccain
talk about political opportunism
Posted by: watching | Sep 18, 2008 2:49:19 PM
Look! McCain wants to continue giving large tax cuts to big corporations like Exxon Mobil and we, the middle class, are stuck paying most of the taxes. There is a great deal of injustice in McCain doing that, why dont we talk about the immorality in not helping the middle class. Obama will help the middle class and bring fresh, new, innovative idead that will create more jobs, and a stronger economy that will be independent of the middle east and China. McCain is more of George W. Bush and why would I vote for McCain if all I am going to get is more of the same and a continium of this economy that is in crisis. Obama offers true, real, innovative "change that we can believe in"
Posted by: Javier | Sep 18, 2008 2:49:45 PM
Wayne. You are absolutely, 100% wrong. McCain DID help create this mess. Stop lying and face the truth already.
Posted by: McSame's Blackberry | Sep 18, 2008 2:49:53 PM
Americans we need to vote for Obama, because he wants to bring fresh new innovative ideas into this great nation. McCain recently started talking about reform, and shaking up Washington because he is aware that Obama's IDEA of change we can believe in was resonating with Americans. McCain is just playing political games and using low blow strategies to get the American voters attention, but he does NOT HAVE ANY FRESH IDEAS OF INNOVATION THAT WE SO DESPERATELY NEED. The way I see it, many foreigners own a piece of America, because they have invested their money into our economy but they are starting to pull out, and this is why we are seeing this financial crisis. This is why we need Obama to win, so that he can cause these new ideas to become independent from these Middle East dictators. I pray someone really earnestly tried to understand this posting and not tune off the truth written in this posting. God help us!The truth is that these large corporations have been receiving large tax cuts from the republicans. The rich have so many loop holes and virtually pay no taxes, and the MIDDLE CLASS is STUCK paying all of the taxes. WE THE MAJORITY OF THE POPULATION NEED RELIEF FROM THIS ECONOMIC CRISIS. When you put more money in the pockets of the population that makes up the majority of the population by letting them keep more of their pay-check (the middle class; not the rich), then you help the economy.
Posted by: Javier | Sep 18, 2008 2:50:15 PM
Obama is up 5% in both the CBS & Quinnepac polls. I totally agree with "Thinking".
"McCain Campaign in Total Meltdown"!
LOL
Posted by: Shawn | Sep 18, 2008 2:50:52 PM
Someone should brief McCain before he speaks - spending all that time with Palin isn't paying off of late.
Posted by: OnTheGloryRoad | Sep 18, 2008 2:50:59 PM
HP Boston | Sep 18, 2008 2:00:53 PM - So the McCain team is back to all of the nutcase rumors now. They really are bankrupt of ideas. This sort of stuff is disgusting. Do you think the American people are that stupid to beleive such idiotic ideas.
Posted by: Sanity Man | Sep 18, 2008 2:51:13 PM
And the walking gaffe machine returns... so much for the Sarah Palin distraction show... LOL
Posted by: dave cox | Sep 18, 2008 2:51:35 PM
Emma, What is in your Kool-aid honey? Me thinks thou doth protest too much.



