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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (85405)	9/19/2008 12:25:06 AM
From: epicure	Read Replies (1) \| Respond to of 541877

It amuses me no end that Mr. McCain (mr. deregulation himself) claims he would like to fire the head of the SEC for...lack of oversight and regulation. Adding that to his flub on Spain, ya gotta wonder just how many of McCain's brain cells are still functioning... rollingstone.com

To: Wharf Rat who wrote (85405)	9/19/2008 12:55:15 AM
From: bluezuu	Respond to of 541877

“While I have great respect for Senator McCain, we have sometimes disagreed, and this is one such occasion," Cox said in a statement. "The SEC has made plain that we have zero tolerance for naked short selling. What a liar. And the SHO list has been out there for how long? Their hand was forced now, but SEC has been worthless on naked shorting.

To: Wharf Rat who wrote (85405)	9/19/2008 1:14:52 AM
From: Sam	Respond to of 541877

McCain said the SEC has allowed trading practices such as short selling to stay in place that turned the "markets into a casino." It wasn't even short selling that caused this fiasco. It was lax lending standards and abysmal risk management. Allowing companies to effectively increase their leverage beyond any reason. In effect, they could print worthless money which they used to make loans that were backed by inflated collateral (if any at all) and eventually such a game must come to a nasty end. Short selling didn't cause that--it may have exposed it, but it didn't cause it. The house of cards would have fallen with or without short selling. And we haven't seen the end of it yet.