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

ABC:

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 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 the whole story: ABC

Comments

[ginxy]

Looks like McCain's up against a wall getting frisked in this picture

[researcher]

nations deserve their leaders ie gov

lets see an imperialist country that invades other third world countries for their oil reserves

a country with a mega military complex

a country with military 765 bases around the world

a country that spends more than it makes

a country that refuses to believe it is losing its wealth

a country where only one party believes they are patroits

and the banks are failing? go figure surprise surprise

quick print some more money that will fix the country's economy

the debt is good country is learning the true value of debt

the deregulators have had their day and the american people lined up to vote for them

the pure genius of reagan to sell that one

and dr phil has a phd in economics go figure :-)

[lthuedk 1]

Oh, but fascists can fire who they choose when they choose.

We see McCain and Darling i4i are living up to the billing. Fascists simply can't control themselves.

http://www.light-to-dark.com/palin_and_mccain_wage_jihad.html

[ralph10]

No. He wasn't talking about the SEC chairman. This morning he said it was the FEC chairman What do elections have to do with that.?

[NoSillyName]

Big Mac.... Open Mouth insert both feet. Over and over again.

[gvtv]

McCain's Economy

http://gmontage.blip.tv/#1279717

[unclejim]

you're going to not post my comment ,why ?
because i said boob-tube ?
what are you people doing over there !!????

[Laserbeam]

This morning MSNBC carried a McCain speech live. McCain said, "Yesterday, I urged the head of the SEC to resign." FALSE.

He also said, "If a family of four makes $35,000 a year, they will receive a $5,000 credit toward purchasing health insurance.­" Isn't that the poverty level? The average family would have to spend $12,000 a year for health insurance; how is a family at the poverty level supposed to come up with the money to afford this "discounted" insurance?

McCain also blamed the "obstructionist democrat congress" for blocking all the Fannie Mae and Freddie Mac legislation he tried to pass five years ago. Umm, excuse me, but weren't the Republicans the ones in control five years ago?

Is it just IMPOSSIBLE for him to be truthful any longer?

[unclejim]

if you want lipstick on a pig go to fox news and see fair and balanced rightwing propaganda
mccain cofuses spain with bolivia or latin america and fox is ON it ! showing biden saying paying taxes for rich people is patriotic over and over and over and over and over
until msnbc picks up on it
comparing apples and oranges (democrats and republicans) like you compare
apples to apples is just a testament to who pays these pundits(talking heads on the boob-tube)
salaries
they're all corporate flunkies

[Neophyte]

McCain: Maverick or Back-stabber?

[CaptainStormfield]

McCain is a loose cannon alright.

[RoveRoveRoveYourBoat]

...not fired but perhaps indicted, if for no other reason, widespread "naked short selling" is criminal fraud.

[NYC07]

Yes by law they can't do it , But when has a law ever stopped a Republican .

[Sundialsvc4]

Lessee...

I, John McCain, by the authority invested in myself as the Unitary Executive, do hereby issue the following Signing Statement (which, the United States Constitution notwithstanding, I do hereby declare to be the Law of the Land "because I said so"):

(1) Henceforth, my title shall be King and I shall be named King John I.

(2) Henceforth, "signing statements" shall be known as "royal edicts."

(3) The chair of the SEC is hereby sacked.

Yup, there are plenty of corrupt Justices who (having already become accustomed to declaring Acts of Congress non-law "because they said so" even though the word "unconstitutional" does not appear in the Constituti­on...) would affirm that this is "legal precedent.­"

--- "So this is how freedom dies: to thunderous applause." (George Lucas, writing as Queen Amadala)

[arvay]

Great! let's have an ad that plays the McCain clip and then point this out. End the ad with the clip of McCain saying he never really understood economics.

Narrator: Jonh McCain clearly doesn't understand how the government he wants to lead actually works. Is this the man you want to trust with your job, your financial future, your retirement, your children;s future.