by Mark Silva
John McCain made a rather pointed comment yesterday about the economic crisis: The chairman of the Securities and Exchange Commission is an appointee of the president, and if McCain were president he would fire SEC Chairman Chris Cox.
But the SEC's Cox plans to hang onto his job -- at least for a few more months, thank you -- as our colleague Don Frederick reports at Top of the Ticket..
"History will judge the quality of our response to this economic crisis, but now is not the time for those of us in the trenches to be distracted by the ebb and flow of the current election campaign,'' Cox said in an issued statement.
"And it is precisely the wrong moment for a change in leadership that inevitably would disrupt the work of the SEC at just the wrong time. I have long made clear my intention to leave the SEC after the end of this administration. The next president will have an opportunity to look at the major structural questions so important to the regulation and oversight of our financial markets.''
"The McCain comment that grabbed attention -- "If I was president today, I would fire him" -- technically was a rhetorical flourish,'' Frederick notes. "Although named to his post by President Bush in 2005, once Cox was confirmed by the Senate he became his own boss on the independent agency. Realistically, however, a clamor by the nation's chief executive that he step aside would be hard to ignore.''
In his statement, Cox said, "While I have great respect for Senator McCain, we have sometimes disagreed, and this is one such occasion.
"There is much more work to be done, and the current crisis is presenting new challenges on an hourly basis. What America and the world needs now is steadiness and reduction of uncertainty. ... I very much appreciate the strong and immediate support of the president.
"As someone who has been in public life for over 20 years, I know as well as anyone that occasionally this sort of thing can come with the territory,'' the chairman added. "The best response to political jabs like this is simply to put your head down and not lose a step doing the best job you can possibly do on behalf of those you serve. For my part, I plan to do just that. I leave the political campaigns to pursue their own course."
We're not sure, however, if issuing a statement such as this is keeping one's head down.
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Comments
Appears McCain finds it more convenient to criticize a high profile official rather than take any responsibility for our current financial situation.
More than anyone, he should have been highly attuned to what was going on in the financial sector after his involvement with the Savings and Loan scandal decades ago.....
Posted by: Independent | September 19, 2008 9:24 AM
The Obama Squad better move fast.
M.C. Cain has a new smear:
everything bad this week is a result of Frank Raines and Johnson, execs forced out of Frannie M.
Don't cha know, they were "advisors" to Obama.
Therefore, M.C.Cain raps, it is all Barack's fault. Johnson was "Veep vetting" but got to walk away with millions in gold plated severance bennies.
It's all Frannie and Ferdie's fault and Barack's buddies and advisors were execs at Frannie and Ferdie, raps M.C. Cain.
No one has called his bluff yet on this instant analysis.
It is pretty slick , however.
New villians to take the place of Rezzie and Ayers: Frank Raines and Johnson.
Not nearly as colorful, but suitable stand in villains nonetheless.
Needed: another Big Speech by Barack on the causes of the crisis.
Also: don't 4get to mail out DVDs of that Mile High Speech.
Greatest political speech since FDR's First Inaugural.
Posted by: ornery | September 19, 2008 12:09 PM