"Mismanagement and greed became the operating standard while regulators were asleep at the switch. The primary regulator of Wall Street, the Securities and Exchange Commission (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 the uptick rule that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground." "The chairman of the SEC serves at the appointment of the President and has betrayed the public's trust. If I were President today, I would fire him."
Typical John McCain, never an answer for anything. Never a plan, or an idea, or anything. Only more from the playbook of George Bush....who to blame, or who to be afraid of. In this case he is finger pointing at the head of the SEC, Christopher Cox, McCain's scapegoat du jour. Never mind that he has been a political insider for twenty years, that he is a senior member of the Senate, and never mind that he has admitted his complete ignorance to all things financial, John McCain goes into a quasi Bush saber rattle in order to look tough, without any business acumen whatsoever.
As defined by the Wall Street Journal...
"Naked" shorting, in which an investor sells a stock short -- betting that it will fall in price -- without first borrowing the shares he is selling from an investor who owns them. The SEC has never condoned the practice, and since 2005 it has clamped down on short selling in any stock that shows evidence of naked shorting. The SEC further tightened its rules against naked shorting just hours before Mr. McCain excoriated Mr. Cox for doing nothing.
Then there's Mr. McCain's tirade against the "uptick rule," a Depression-era chestnut that investors could only short stock after a rise in that stock's price. The SEC staff studied the effect of the uptick rule on prices for years, in a controlled experiment involving thousands of stocks. It found the rule had no effect.
This kind of ploy may garner some muster from the financial neophytes, but the experts know that John McCain knows little or nothing about the economy, or economics as a whole. Just a few months ago, he blamed speculators for the rising oil prices, then oil prices fell. He then was quoted as saying the economy "was strong." Now, McCain wants voters to believe speculators are responsible for driving mismanaged financial companies to ruin. Obviously, McCain needs to get better financial advisers, or am I just another one of the millions of your so called "nation of whiners" having a mental recession as his financial people are wont to say?
And, oh yes, Senator, if you were the President, and good Lord help us if the moronic American electorate sees to it that you are, you can't fire the SEC chief, he doesn't work for the President. Yet another gaffe exposing you for the haplessly clueless public servant that you truly are. But then again, your plane was shot down, you were a prisoner of war, so what the bloody hell, lets vote you in.
And, just so you don't think I am only attacking McCain, he was with Governor Palin today in Michigan stumping for votes, when the Governor exalted what a pleasure it was to be in Grand Rapids. Trouble was, they were in Cedar Rapids. Palin would have known the difference, except she can't see Michigan from her backyard. Shame Lieberman wasn't there, he could have corrected them both. And the beat goes on....
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