In his most recent emphatic response to the financial crisis that cannot in any way be blamed on the former Chairman of the Senate Commerce Committee (because really, it was those bozos over at Banking, Housing and Urban Affairs and possibly the folks over at the Judiciary’s Subcommittee on Antitrust), former Deregulator turned Regulatory Hawk John McCain told a cheering crowd of supporters that if he were President he would fire SEC Chairman Christopher Cox.
“The chairman of the SEC serves at the appointment of the president and in my view has betrayed the public’s trust,” McCain said. “If I were president today, I would fire him.”
Firey, determined, definitely a stern rebuke to the Bush Administration and its lackeys who — although confirmed by McCain and the rest of the Republican Senate back in 2005 despite nasty bad bad partisan allegations that Cox had been involved in some shady investment schemes — certainly have nothing to do with McCain the Reformer!
Except, of course, that the Chairman of the SEC does not serve at the pleasure of the President and cannot be “fired,” only impeached by Congress. The President can “demote” Cox by redesignating someone else on the Commission as Chairman — which would probably prompt a Chair to resign before letting that happen. But still, saying you would fire someone you have no authority to fire? This is ready from Day 1?
I suppose I could give McCain the benefit of the doubt and assume he knows the actual law, and that he was just shorthanding “I can’t actually fire him, but I would certainly embarrass him and harass him out of a job faster than a Wasilla Librarian who refused to censor books!” To the more dramatic “I would fire him and then be all embarrassed when I was told I can’t actually do that.” But either way, it’s a pretty stupid response when McCain spent all his time as Chair of the Commerce Committee perfectly happy with the way the SEC regulated the financial sector. (I know, I know, wrong committee, not my fault . . . .)
Stay tuned . . . .