McCain’s Bone-headed ‘Fire somebody’ Solution
A typical Republican response to a complex issue; fire a fall guy.
Nevermind that the President does not have the power to ‘fire the head of the SEC’
McCain Says he wants to reform ‘Alphabet Soup’ Government But now he’s Proposing to Create a New Department Called the M.F.I.
From the NYTimes:
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.”