Thursday, September 18, 2008

Fire the chairman of the SEC?

It's twice in one day for McCain, but he's the one getting the press.  I'm sure if Obama had a statement, he would be featured here as well.

The article is here:

McCain wants to fire the chairman of the SEC for letting "speculators and hedge funds turn our markets into a casino.

Just what did you think the stock market was, Mr. McCain?  Have you not noticed the big writing when you log into your brokerage account: NOT FDIC INSURED, INVESTMENTS MAY LOSE VALUE.  Remain silent when the market goes up, and then fire somebody when it goes down.  I think that's exactly the strategy that got our banks into this crisis.  (more on this here)

There was someone else in history who spent this much time railing against speculators.  Lenin.

(Not to mention that even if the SEC chairman was somehow to blame, firing him now is a little bit belated.)

But the financial crisis is dominating the news, and nobody understands it, least of all the candidates.  But they have to find something to say about it, so they're looking for the most innocuous sound bites possible, that create the illusion of action without betraying their confusion.  By that measure, McCain is doing pretty good, but that's exactly the kind of comment that this blog despises.

McCain's policy grade: 3/10  for effort, and for his awareness and acknowledgement of the financial crisis.

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