He is suggesting that the SEC chairman be fired and I agree. This was a problem that the SEC saw coming and did nothing to stop the current crisis.
"The chairman of the SEC serves at the appointment of the president and, in my view, has betrayed the public's trust," McCain told the crowd at a rally in this battleground state. "If I were president today, I would fire him."
McCain is also suggesting some possible solutions to avoid this in the future:
In his speech in Cedar Rapids, McCain proposed creating a trust to work with the private sector and regulators to identify mortgage and financial institutions that are weak and to take measures to strengthen them.
"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."
Depending on the details of this type of plan, this could work. Forcing the institutions to regulate themselves and when they show signs of failure, they will be forced under some government regulations and guidelines and forced to pay the money back that is needed to bail them out.
Obama's plan besides insulting John McCain???
Obama, stopping at a restaurant in Bernalillo, N.M., outside of Albuquerque, deflected a reporter's question about whether Cox should be fired, saying he would be talking about the economy later in the day. Obama campaign adviser Linda Douglass said, "What we ought to do is fire the economic policies of George Bush."
How is Obama going to change anything if he has offers no solutions to a major crisis like this one?
I am guessing that Obama is stumped like the rest of the Democratic leadership. Just ask Senate Majority leader Harry Reid:
One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.
Yep- those Democrats are quite the leaders, huh?