McCain Taking on Bush and Obama

[101A]

http://www.politico.com/blogs/jonathanmartin/0908/McCain_talks_even_tougher_on_financial_crisis_says _he_would_have_sacked_Bushs_SEC_chief.html


McCain talks even tougher on financial crisis, says he would have sacked Bush's SEC chief

John McCain ratcheted up his increasingly populist language today, using a campaign event in Iowa to say he would fire Christopher Cox, the former Republican congressman and Bush-appointed head of the Securities and Exchange Commission.

McCain, grasping for the right tone to express outrage at the week's financial meltdown, used his harshest rhetoric yet in an effort to distance himself from the unpopular Republican administration that has presided over the crisis.

"The Chairman of the SEC serves at the appointment of the President and has betrayed the public's trust," McCain said in Cedar Rapids, according to prepared remarks distributed by his campaign. "If I were President today, I would fire him."

McCain, reading deliberately from set remarks, didn't mention Cox, a former member of Congress from California, by name, but laid the blame squarely at his agency's feet.

"The primary regulator of Wall Street, the Securities and Exchange Commission kept in place trading rules that let speculators and hedge funds turn our markets into a casino," McCain is to say. "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 regulators, McCain said, "were asleep at the switch."

Previewing a policy rollout, McCain also notes that tomorrow he will talk "in greater detail about the crisis facing our markets and what I will do as President to fix this crisis and get our economy moving again."

McCain, in his remarks in Cedar Rapids, didn't just limit his criticism to the Bush administration, though. He also used the appearance to light into Barack Obama, noting the Democrat's ties to the two failed government-backed mortgage lenders

"Senator Obama talks a tough game on the financial markets but the facts tell a different story," McCain is to say. "He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington."

McCain also broadened his critique of Obama beyond the financial crisis, picking up on Joe Biden's comment this morning that it would patriotic of the rich to pay more taxes.

"Raising taxes in a tough economy isn't patriotic," McCain said. "It's not a badge of honor. It's just dumb policy."

[Aggie Hoopsfan]

"Senator Obama talks a tough game on the financial markets but the facts tell a different story," McCain is to say. "He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington."

Ouch.

[2centsworth]

I watched the speech. It seemed like a very hard thing for him to say.

[KenMcCoy]

I watched the speech. It seemed like a very hard thing for him to say.

Do you think it was because of all of the anti-war pansies protesting during his speech? Or, because he didn't believe what he was saying?

[TheMadHatter]

McCain is floundering on economics. Not his strong suit.

[2centsworth]

Do you think it was because of all of the anti-war pansies protesting during his speech? Or, because he didn't believe what he was saying?

He may have believed it, but I can tell he doesn't like ruining people.

I thought the rest of his speech was very good.

[KenMcCoy]

I think there were too many "f"s in a row...it doesn't come out well in a speech.

Fannies Former...Freddie...former...Fanny

[MannyIsGod]

The economics issue this time around is something I feel shows how ridiculous American politics are. I don't think either of these guys have good plans on how to deal with the economy and it pains me to see the government continue to put off necessary failures of companies with bailout after bailout.

It isn't that deregulation is bad, its that deregulation without the real impact of failure in place that is horrible. If these guys want to operate outside of rules and police themselves then I don't see too much of a problem with that in theory. But what happens is that these banks play both sides of the coin. They go and make their awful decisions and then when their horrible business practices come to bite them in their ass they simply get the politicians to put the American taxpayers ass in their place.

Deregulation works only if there are actual consequences in place. We need to stop this bullshit where companies screw us all over in so many ways. I don't see either of these 2 doing that. I don't think either one has a better chance than the other because inevitably both will pander in to people in places like MI where bailouts mean they keep their job. It is virtually impossible to get elected unless you do this, so I don't see how we're going to get real reform in this department.

The American people will reap what they sow and the seeds they continue to play fucking suck.

[101A]

The economics issue this time around is something I feel shows how ridiculous American politics are. I don't think either of these guys have good plans on how to deal with the economy and it pains me to see the government continue to put off necessary failures of companies with bailout after bailout.

It isn't that deregulation is bad, its that deregulation without the real impact of failure in place that is horrible. If these guys want to operate outside of rules and police themselves then I don't see too much of a problem with that in theory. But what happens is that these banks play both sides of the coin. They go and make their awful decisions and then when their horrible business practices come to bite them in their ass they simply get the politicians to put the American taxpayers ass in their place.

Deregulation works only if there are actual consequences in place. We need to stop this bullshit where companies screw us all over in so many ways. I don't see either of these 2 doing that. I don't think either one has a better chance than the other because inevitably both will pander in to people in places like MI where bailouts mean they keep their job. It is virtually impossible to get elected unless you do this, so I don't see how we're going to get real reform in this department.

The American people will reap what they sow and the seeds they continue to play fucking suck.


Amen

[MannyIsGod]

BTW you may want to add another target to the thread title. The US Constitution.

McCain would have fired the SEC Chair eh?

Too bad he wouldn't be able too. OOPS! Whoever is writing his speeches needs to be a bit more careful. This may turn into another big gaffe.

http://blogs.abcnews.com/politicalradar/2008/09/mccain-blasts-o.html

[KenMcCoy]

That's the sad thing...one of them needs to say "You know what, we're not bailing any of these companies out. The economy is going to be worse than it is now and many good people will lose their jobs. We are going to need to suck it up and tighten our belts for a while but we'll get through it. Vote for me."

Never going to happen though.

[KenMcCoy]

BTW you may want to add another target to the thread title. The US Constitution.

McCain would have fired the SEC Chair eh?

Too bad he wouldn't be able too. OOPS! Whoever is writing his speeches needs to be a bit more careful. This may turn into another big gaffe.

http://blogs.abcnews.com/politicalradar/2008/09/mccain-blasts-o.html

It's called figurative speech. Another problem with both parties taking everything too seriously.

What would have happened today if Teddy Roosevelt said "Speak softly but carry a big stick?" Journalists would be asking him to show it to them.

[MannyIsGod]

Figurative speech or not it is perception that matters. Every mistake McCain makes right now plays largely into the perception that he doesn't know wtf is going on. Is that really a perception he needs to be providing any ammo for?

No one said politics is logical and fair, but he's taken advantage of that quite a bit so I don't really feel for him when his words get twisted and thrown back in his face in ways he doesn't anticipate.

Post lipstick world, after all.

[Oh, Gee!!]

what a maverick.

[101A]

Figurative speech or not it is perception that matters. Every mistake McCain makes right now plays largely into the perception that he doesn't know wtf is going on. Is that really a perception he needs to be providing any ammo for?

No one said politics is logical and fair, but he's taken advantage of that quite a bit so I don't really feel for him when his words get twisted and thrown back in his face in ways he doesn't anticipate.

Post lipstick world, after all.


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 (http://query.nytimes.com/gst/fullpage.html?res=9803E3D7103EF935A35752C1A9649C8B 63) 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.

In response from the article you posted.

In practice, if not in law, the President can "fire" him.

[MannyIsGod]

Only if he agrees to it. You're missing my point though. It doesn't matter whether or not McCain is right here, because he's given the Democrats an opportunity to spin things in a pretty legit way. I don't know if its on par with "the fundementals of the economy are strong" (actually I'm pretty sure its not) but its the same class of remark and mistake by his campaign.

He released a new ad trying to change the topic to earmarks today. Good fucking luck on that front. Its going to be hard to supplant the economy issue in the near future without giving fuel for the fire much less if he provides the bullet for the gun that shoots him.

[KenMcCoy]

So are Obama/Biden saying that only rich americans have the opportunity to be patriotic?


Democratic vice presidential candidate Joe Biden on Thursday called Republican John McCain’s answers to the current economic crisis “the ultimate bridge to nowhere” and said that paying higher taxes would be patriotic for wealthier Americans.

http://elections.foxnews.com/2008/09/18/biden-wealthy-americans-must-pay-more-taxes-to-show-patriotism/

Awesome. Only rich people can be patriotic in America!!!

[KenMcCoy]

Obama/Biden - "Rich people love America!! All you poor morons hate America!!"

[DarkReign]

^Those two posts are one of the more pathetic attempts at twisting words I have seen.

I expect more of the same in coming months.

[KenMcCoy]

These were in response to the McCain comments on "firing" the head of the SEC.

Fire = Force to resign

[MannyIsGod]

You need authority to force someone to do someting.


These were in response to the McCain comments on "firing" the head of the SEC.

Fire = Force to resign

[KenMcCoy]

You need authority to force someone to do someting.

Please...you think that if McCain (or even Obama for that matter) couldn't force someone to resign if they were president.

[Anti.Hero]

Those who can, do. Those who can't, run for office.

[clambake]

cox responded by saying "i'll leave when i'm ready". he said "i'm not done" and "i intend to leave when the current administration leaves".

he also said "its not the proper decision to make during a political election period".

[boutons_]

McFakeHardAss has Gramm (who snuck in unregulated swaps that led to Enron and current disaster) as long-time friend, confidant, and chief economic advisor but now McFlipFlop is trying to look tough on Wall St? G M A F B

[Aggie Hoopsfan]

McFakeHardAss has Gramm (who snuck in unregulated swaps that led to Enron and current disaster) as long-time friend, confidant, and chief economic advisor but now McFlipFlop is trying to look tough on Wall St? G M A F B

If only McCain had his silence bought by Frannie and Freddie like Obama did, maybe you'd like him more...

[clambake]

If only McCain had his silence bought by Frannie and Freddie like Obama did, maybe you'd like him more...

who's frannie?

[LakeShow]

Obama mocks McCain's call to fire SEC chair

‘This is not a time for fear,’ says Democratic candidate

http://msnbcmedia1.msn.com/i/msnbc/Components/Sources/Art/APTRANS.gifupdated 5:23 p.m. ET Sept. 18, 2008

ESPANOLA, N.M. - Democratic presidential nominee Barack Obama promised new ideas Thursday to calm America's financial meltdown and help struggling families avoid mortgage foreclosure, saying "this is not a time for fear and it's not a time for panic."


Obama heaped criticism and sarcasm on John McCain, his Republican rival, and mocked his call to fire the head of the Securities and Exchange Commission.



"I think that's all fine and good but here's what I think," Obama said. "In the next 47 days you can fire the whole trickle-down, on-your-own, look-the-other way crowd in Washington who has led us down this disastrous path. Don't just get rid of one guy. Get rid of this administration. Get rid of this philosophy. Get rid of the do-nothing approach to our economic problem and put somebody in there who's going to fight for you."

He said Obama was so out of touch that the White House had to distance itself from his statement Monday that the fundamentals of the economy were sound. President Bush has used that same language but his press secretary would not repeat the line Wednesday in the face of historic financial turbulence.



Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[boutons_]

Obama's got nothing to compare with McScum's being bought by Keating to get regulators not to apply the law to Keating's rotten, collapsing empire.