McCain Says He'd Fire SEC Chief

(CBS/AP)  Republican John McCain, buffeted by criticism about his response to Wall Street's financial problems, said Thursday he would fire the SEC chairman and create a special trust to help strengthen weak institutions.

In all but calling for the firing of Securities and Exchange Commission Chairman Christopher Cox, McCain turned on a fellow Republican and former 17-year House member who served on committees overseeing investor protection and U.S. capital markets. President Bush appointed Cox in 2005.

McCain also tried to counter Democratic rival Barack Obama as the two White House contenders jockeyed to explain how, as president, they would prevent the sort of financial tremors that have shaken the financial industry and consumer confidence this week.

Economic issues traditionally favor Democrats and were expected to be especially potent for Obama in an election cycle after eight years of a Republican White House and a Congress controlled mostly by the GOP. McCain has a long history of opposing government regulation and receives economic advice from former Texas Sen. Phil Gramm, an advocate of free-market principles. In addition, McCain has served on and has been chairman of the Senate Commerce Committee, which has regulated - and deregulated - vast parts of the economy.

"The chairman of the SEC serves at the appointment of the president and, in my view, has betrayed the public's trust," McCain told a rally in this battleground state. "If I were president today, I would fire him."

Cox chalked up McCain's rhetoric to the pressure of running a political campaign.

"I realize it's a political season, but we are focused on getting our work done for the American people," Cox said Thursday night as he was leaving a meeting on Capitol Hill, reports CBS News producer John Nolen.

"Right now, with so much at stake in our country, there's no time for political sniping. This is a time and an opportunity for leadership and I think that's what we saw with the House and Senate leaders."

Cox said he's always been clear about his intent to leave the SEC when the Bush administration ends in January 2009. Cox's term officially ends in June 2009, but he could stay on until a successor is named.

Campaigning in New Mexico, Obama mocked McCain's call to fire the SEC chairman, basically saying why stop at Cox.

"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," he told a campaign rally in Espanola. "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."

McCain also proposed creating a trust to review mortgage and financial institutions, identify weaker ones and strengthen them before insolvency.

"Today we need a plan that doesn't wait until the system fails," the senator said. "For troubled institutions, this will provide an orderly process through which to identify bad loans and eventually sell them."

McCain's running mate, Alaska Gov. Sarah Palin, joined him in Cedar Rapids and drew some of the biggest cheers with her stump remarks. She fumbled a bit at the start when she said it was good to be in "Grand Rapids" - the Michigan city they'd just flown in from.

Their speeches were repeatedly interrupted by protesters who were dragged away screaming while the audience broke into chants of "USA, USA," and "We Will Win, We Will Win."

Palin also talked about business tax cuts that would be a priority in "a Palin and McCain administration." Afterward, the pair visited a flood-damaged area of Cedar Rapids; their schedule initially called for just the rally.

Stocks on Wall Street have tumbled this week amid the worst financial meltdown in the U.S. since the Great Depression. The Lehman Brothers investment bank filed for bankruptcy, retail broker Merrill Lynch agreed to be sold for half its recent value and the government agreed to an $85 billion loan to prop up mega-insurer AIG.

Earlier in the week, Obama criticized McCain for suggesting creating a high-level commission to study its causes, similar to the panel that investigated the Sept. 11, 2001, terrorist attacks.

McCain, meanwhile, has shifted from initially saying the country's economic fundamentals were strong. Since being ridiculed for that, he now says the economy is in "crisis" but that the fundamental productivity of the American worker endures.

On Thursday, he accused Obama and Democratic congressional leaders of exploiting economic problems for political gain.

"My friends, that is the kind of me-first, country-second politics that are broken in Washington," said McCain, a 26-year member of Congress. "My opponent sees an economic crisis as a political opportunity instead of a time to lead. Sen. Obama isn't change; he's part of the problem with Washington."

[steeepe]

McBush is an a**hole, plain and simple. He couldn''t fire the head of the SEC. He also criticizes Obama for not showing leadership, as if Obama were already the President and failing to act. The compulsive liar McBush and his nutty sidekick, Palin, would make the second worst leadership team in modern history, after Bush himself, who history will regard as an incompetent and corrupt fool who led us into an unnecessary war and promoted de-regulation, which has devastated the economy. Not to mention Katrina, Schiavo, etc., etc.

[bbinfla]

McCain inventor of the Dingleberry

[steeepe]

McBush should fire himself, since he''s been touting de-regulation for decades. Now he sees the light. He''ll say anything, just like all of the GOP dopes, to get elected. Obama is not perfect and has exaggerated in some campaign ads, but at least he doesn''t endlessly repeat outright lies all day like Palin and McBush.

[ahccheng]

I do agree with Sen. McCain on firing the SEC chief. While our Treasury and Fed are working hard on saving the Wall Street, what did the SEC do? Nothing!

As Sen. McCain said, any government officials would be held accountable for what they did. It is only natural to fire any do-nothing members.

While Mr. Obama was criticizing that comment, he actually revealed that he would not uphold any accountability in his administration. That is dangerous....

I am not sure I want my next President to be someone who never stands up to anything.

[aceshigh333-2009]

Posted by steeepe at 11:52 AM : Sep 19, 2008
And you think the rickety old McBush has a plan?

Yea, and came out with it 3 years ago.

[dj292009]

Where is Obama''''''''s plan? Oh yeah, he just announced he doesn''''''''t have one and is going to wait until the treasury unveils its plan before commenting. Obama is, again, way over his head. He has no idea what to do.

I guess you have not listened at all to Obama, which figures because your own candidate has never been stable on his answer. He keeps changing so its no wonder why you have not heard obama because you have to decifer what McCain keeps saying

[steeepe]

Where is Obama''''s plan? Oh yeah, he just announced he doesn''''t have one and is going to wait until the treasury unveils its plan before commenting. Obama is, again, way over his head. He has no idea what to do.
Posted by peckhamc1234 at 10:15 AM : Sep 19, 2008

And you think the rickety old McBush has a plan? Or, worse yet, Palin has a plan? What a joke!!

[steeepe]

McBush can''t fire the SEC chief. McBush has increasingly entered the Orwellian universe populated by Bush and his cronies, who spin weeds from gold and tell us up is down and black is white. McBush lies about everything under the sun and is a shameless fool. Palin''s no better. If these clowns get elected, the country deserves no better. We will truly have sunk to the lowest common denominator and entered the twilight zone of truth.

[peckhamc1234]

Where is Obama''s plan? Oh yeah, he just announced he doesn''t have one and is going to wait until the treasury unveils its plan before commenting. Obama is, again, way over his head. He has no idea what to do.

[xmanborg]

Wow thats Shocking the Republican Party and John McSuperLame placing blame on somebody else and pointing at somebody else.

The Republicans are NEVER at Fault for Anything and thats why they need to get their azz kicked out of the White House because they shift blame to somebody else all the time and never own up to a mistake.