2008 A Profound Contempt
posted by September 19 at 15:10 PMon
It’s a beautiful thing to see the Wall Street Journal rip into John McCain:
John McCain has made it clear this week he doesn’t understand what’s happening on Wall Street any better than Barack Obama does. But on Thursday, he took his populist riffing up a notch and found his scapegoat for financial panic — Christopher Cox, the chairman of the Securities and Exchange Commission.
Mr. McCain clearly wants to distance himself from the Bush Administration. But this assault on Mr. Cox is both false and deeply unfair. It’s also un-Presidential.
The editorial basically echoes Obama’s speech in Eli’s post—McCain is panicking, thrashing around, looking for someone to hit. And even the conservative press is criticizing him for it.
McCain accused Cox and the SEC of allowing naked short-selling. The WSJ slaps him for his obvious distortion:
Take “naked” shorting, in which an investor sells a stock short — betting that it will fall in price — without first borrowing the shares he is selling from an investor who owns them. The SEC has never condoned the practice, and since 2005 it has clamped down on short selling in any stock that shows evidence of naked shorting. The SEC further tightened its rules against naked shorting just hours before Mr. McCain excoriated Mr. Cox for doing nothing.
McCain’s (and Palin’s) obvious, easily debunked lies show a profound contempt for the American public and its interest in—and ability to apprehend—the truth.
Go get ‘em, WSJ.