McOld want ths SEC chairman fired... LOL
First of all, as a law maker, McCain could have made sure that banks were more regulated in terms of dishing out loans to people with no jobs, or not earning that much. How can he just divert blame to the SEC chairman? The SEC handles securities disclosures and accounting principles/violations, not how massive banks lend out money.
AND wasn't it the repugs and Bush wanting everybody in American to own a home? Probably did more to enourage the subprime mortgages than anything else.
Worse, he also thinks a new agency should be created just to bailout failing corporations while still claiming bailouts are no good. 
McCain Says S.E.C. Chairman Should Be Fired
By Michael Cooper
CEDAR RAPIDS, Ia. – Senator John McCain said here Thursday that he believed that the chairman of the Securities and Exchange Commission should be fired and that the government should create a new trust to help troubled institutions remain solvent.
Mr. McCain faulted the Securities and Exchange Commission, saying it had “kept in place trading rules that let speculators and hedge funds turn our markets into a casino’’ and said that its chairman, Christopher Cox, should be fired.
“The chairman of the S.E.C. serves at the appointment of the president and in my view, has betrayed the public’s trust,’’ he said at a rally in an airport hangar here. “If I were president today, I would fire him.’’
Mr. McCain also called for the creation of a new entity to try to keep institutions solvent and that would sell off the troubled assets of ailing financial firms. “I am calling for the creation of the mortgage and financial institutions trust – the M.F.I.,’’ he said. “The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.”
Mr. McCain made the remarks as his advisers said that they plan to use the next day or two to begin speaking about what they believed went wrong with the markets, and to open up an aggressive debate with Senator Barack Obama on the economy.
Steve Schmidt, a top aide to Mr. McCain, accused the Democrats and the Obama campaign of trying to turn the financial crisis to political advantage.
“It is, and you will see him make this point, it is a disgrace, a disgrace that the Democratic Congress would say, ‘We’re going to leave Washington and we think this benefits us politically,’ ‘’ Mr. Schmidt told reporters on the campaign plane. “This is a real crisis, leaders should be responding to the crisis putting the country first, putting the American people first, not looking to score political points out of it. I think as the American people prepare to make their choice in this election, they are likely to give consideration to the fact that the Obama campaign is cheerleading this crisis.’’
Mr. McCain noted here, as he has for days, Mr. Obama’s ties to Fannie Mae and Freddie Mac, the troubled mortgage agencies that were just taken over by the federal government. “Whose side do you think he is on?’’ he said.
And Mr. McCain – who said that he opposed a federal bail out of American International Group on earlier this week, but then said he was resigned to it after the government reversed course and offered one – criticized Mr. Obama for failing to take a clear position on the issue.
“When A.I.G. was bailed out, I didn’t like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities.,’’ he said. “Senator Obama didn’t take a position. On the biggest issue of the day, he didn’t know what to think.’’
Thats funny in 2003 Bush wanted tighter control over Fannie/Freddie but the dems knocked it down.
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.
At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families.
Fannie Mae...and Freddie Mac...have been criticized by rivals for exerting too much influence over their regulators.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
I also posted a video earlier direclty linking Obama with F/F if I can find it I will post it again.
