McCain: Not Getting Any Smarter on the Economy

It is becoming increasingly clear exactly why the McCain campaign fought so hard for so long to keep this election about anything other than the issues.  I mean, it’s one thing for me to say my candidate is better on the issues as a point of advocacy, but to have John McCain prove it every time he opens his mouth… that’s another thing entirely.

This time, McCain’s fumble is in saying that, as President, he would fire the SEC chair.  The only hiccup with that is that, as president, McCain has about as much power to fire the SEC chair as I do.  I know, little old me, able to fire the SEC chair…

or…

Maybe that the president can’t fire the SEC chair.  The president appoints, the senate confirms, but neither can fire.  This man is running for president, it might behoove him to know exactly what that job entails.

But wait, there’s more.  As Steve Benen points out, the inability to fire the SEC chair is only the beginning of where John McCain stumbles:

Second, the SEC did allow all kinds of short selling, but that’s legal under the federal regulatory system that John McCain — and his advisor, Phil Gramm — helped put in place. After more than a quarter of a century in Congress, has McCain ever proposed changing these laws and imposing stricter regulations? No. Has he ever, before today, criticized Cox’s oversight of existing trading rules? Not as far as I can tell.

Third, I’m not an expert, but I’m fairly certain short selling is not the underlying cause of the current crisis. The sub-prime mortgage fiasco and over-leveraged banks are. If McCain wants to make a case for firing Cox, he should at least get the cause right.

So, while McCain was accusing the SEC of being asleep at the switch, what was really happening was the SEC was overseeing a system that John McCain had a hand in deregulating.  And it’s all a wash because even though short selling is risky business that McCain helped make legal, it’s also not the root cause.

Dumber and dumber.

3 Responses to “McCain: Not Getting Any Smarter on the Economy”

1. Ron J says:

   September 18, 2008 at 8:39 pm

   You’ve got it wrong my friend. The President CAN certainly fire the SEC Cahirman. Check your facts next time.

   Reply
2. Nightrider says:

   September 19, 2008 at 12:38 am

   Ron J, you seem to be the one who needs to check his facts. The President has absolutely no authority to fire the SEC Chairman. He can ask for his resignation, but he can’t force him to quit…

   Reply
3. Von L says:

   September 19, 2008 at 8:11 am

   Get your facts straight. I reference an article with multiple legal references to the fact that Cox serves at the pleasure of the President and you are wrong.
   http://www.stephenbainbridge.com/punditry/comments/massive_misinformation_on_the_web_the_president_can_fire_the_sec_chairman/

   Reply