John McCain took the bold step to push for RCT-2.0 - Resolution Trust Corp. and things happened to actually do something - The DOW jumped 400+ Points.He also called for the immediate 'firing' of SEC Chair Cox.
Senator Obama asked voters to do his job for him 'You can fire them all' or some such
Fighting Bob La Follette nonsense. Joe Biden called for Patriotic Taxes.
Steve Huntley of Chicago Sun Times put things into clear perspective:
Bad economic news favors the Democrats, and this week's news took some steam out of the GOP campaign. But it was McCain, not Obama, who seized the initiative in proposing a long-term solution. He called for creation of an agency like the Resolution Trust Corporation that resolved the savings and loan crisis of the 1980s by assuming and later selling the bad loans. McCain's Mortgage and Financial Institutions Trust would take a similar approach to today's debt.
McCain will flesh out his idea today. When word reached Wall Street that the Bush administration was considering a similar idea, stocks surged 400 points.
It seems like a moderate, reasoned approach. Interestingly enough, a Rasmussen poll finds more Americans worried that the government will do too much tinkering with the economy rather than not enough. That shows support for the GOP philosophy of a lighter hand on the economy.
Unfortunately for Obama, while McCain pushed a new idea, Democratic vice presidential nominee Joe Biden was talking about tax increases. A struggling economy is the wrong time to raise taxes, as Obama seemed to acknowledge in an ABC interview Sunday. But if that's his new thinking, Biden apparently didn't get the message.
Change is Coming!
3 comments:
Um, one problem:
McCain said HE WOULD FIRE the chairman...
only, the president -while having the power to appoint and confirm with congressional approval- CANNOT FIRE THE CHAIRMAN.
How about do a little research. McCain -yet again- has no clue what he's talking about. If he can't get a simple thing like that correct, can we really trust him to run the country?
There must be a hard and fast rule that dictates the Obama Prose Style Book -
Thus:
'Begin every . . . every post, inquiry, smarm-tag, weasle-wiggle and rant with 'Um!'
. . .that way, the auditor/reader will understand the intrinsic mental handicap standard to all Obama Discipuli.'
Bob 'The Shank' Creamer - Camp Obama Commander
There. When you have worked your way through that, sit down and catch your breath. Take the rest ofthe day off little Camper.
to the other 'Anonymous' above, the chairman of the SEC serves in that role at the pleasure of the POTUS. He can be replaced in that role *at will* by any of the other four commissioners.
From the SEC website:
"The Securities and Exchange Commission has five Commissioners who are appointed by the President of the United States with the advice and consent of the Senate. Their terms last five years and are staggered so that one Commissioner's term ends on June 5 of each year. To ensure that the Commission remains non-partisan, no more than three Commissioners may belong to the same political party. The President also designates one of the Commissioners as Chairman, the SEC's top executive."
FYI, just because Keith Olberman says something doesn't mean it's true.
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