McCain Gets Both Acronym And Purpose Of SIPC Wrong

Fron Andrew Jakabovics, Associate Director for the Economic Mobility
Program at the Center for American Progress Action Fund.

Sen. John McCain (R-AZ) demonstrated again today that he was telling the
truth about not knowing much about the economy. For a man concerned
about protecting the average American from Wall Street greed, he seemed
not to know who plays what role.

During a speech today in Tampa, FL, McCain repeatedly referred to the
Securities Investor Protection Corporation, the corporation that
“return[s] customers’ cash, stock and other securities” if a brokerage
goes bankrupt, and is known as the SIPC — as S-P-I-C.

It’s possible that McCain misspoke (twice!) in rattling off what he
called “the alphabet soup” of regulators, but the error appeared both
times in the prepared text released by the campaign. Which raises the
question: does he know what he’s talking about or is he just reading
what is put in front of him?

Moving past the verbal gaffe, the more serious problem is that John
McCain and his advisors don’t seem to know what SIPC is. In today’s
speech, he said:

Too many firms on Wall Street have been able to count on casual
oversight by regulatory agencies in Washington. And there are so many of
those regulators that the responsibility for oversight is scattered,
unfocused and ineffective. Among others, we’ve got the SEC, the CFTC,
the FDIC, the SPIC and the OCC. But for all their big and impressive
sounding names, the fact is they haven’t been doing their job right, or
else we wouldn’t have these massive problems on Wall Street. At their
worse, they’ve been caught up in Washington turf wars instead of working
together to protect investors and the public interests. And we don’t
need a dozen federal agencies doing the job badly — we need the best
federal agencies to do the job right.

The problem is, SIPC is not a regulator. Don’t take my word for it,
though. Check out the SIPC’s own web site, which states “Though created
by the Securities Investor Protection Act (15 U.S.C. §78aaa et seq., as
amended), SIPC is neither a government agency nor a regulatory
authority. It is a nonprofit, membership corporation, funded by its
member securities broker-dealers.”

"A Boater" wrote in message
...

During a speech today in Tampa, FL, McCain repeatedly referred to the
Securities Investor Protection Corporation, the corporation that
“return[s] customers’ cash, stock and other securities” if a brokerage
goes bankrupt, and is known as the SIPC — as S-P-I-C.


There were quite a few Hispanics in the audience at the time, and many more
have heard the comment on the news since. For someone who absolutely MUST
have a sizable percentage of the Hispanic vote in order to win, McCain's got
a strange way of wooing them.

--
I'm not really anti-Bush . . . I'm really just anti-stupid.
I support the right of all Americans to arm bears.
The only Bush I trust is my wife's.

Obama-Biden in 08 wrote:
"A Boater" wrote in message
...
During a speech today in Tampa, FL, McCain repeatedly referred to the
Securities Investor Protection Corporation, the corporation that
“return[s] customers’ cash, stock and other securities” if a brokerage
goes bankrupt, and is known as the SIPC — as S-P-I-C.


There were quite a few Hispanics in the audience at the time, and many more
have heard the comment on the news since. For someone who absolutely MUST
have a sizable percentage of the Hispanic vote in order to win, McCain's got
a strange way of wooing them.


I find it fascinating how hard McCain and Palin are working these days
to avoid being questioned by the serious media. I think it has something
to do with the fact that neither of them respond well to close
questioning. McCain loses his temper, and Palin, well, she's an idiot.
If McCain can't even get the SIPC's initialism correct in his written
speech, he's not going to do well with questions that require fact-based
responses.

"A Boater" wrote in message
...
McCain Gets Both Acronym And Purpose Of SIPC Wrong

Fron Andrew Jakabovics, Associate Director for the Economic Mobility
Program at the Center for American Progress Action Fund.

Sen. John McCain (R-AZ) demonstrated again today that he was telling the
truth about not knowing much about the economy. For a man concerned
about protecting the average American from Wall Street greed, he seemed
not to know who plays what role.

During a speech today in Tampa, FL, McCain repeatedly referred to the
Securities Investor Protection Corporation, the corporation that
“return[s] customers’ cash, stock and other securities” if a brokerage
goes bankrupt, and is known as the SIPC — as S-P-I-C.

It’s possible that McCain misspoke (twice!) in rattling off what he
called “the alphabet soup” of regulators, but the error appeared both
times in the prepared text released by the campaign. Which raises the
question: does he know what he’s talking about or is he just reading
what is put in front of him?

Moving past the verbal gaffe, the more serious problem is that John
McCain and his advisors don’t seem to know what SIPC is. In today’s
speech, he said:

Too many firms on Wall Street have been able to count on casual
oversight by regulatory agencies in Washington. And there are so many of
those regulators that the responsibility for oversight is scattered,
unfocused and ineffective. Among others, we’ve got the SEC, the CFTC,
the FDIC, the SPIC and the OCC. But for all their big and impressive
sounding names, the fact is they haven’t been doing their job right, or
else we wouldn’t have these massive problems on Wall Street. At their
worse, they’ve been caught up in Washington turf wars instead of working
together to protect investors and the public interests. And we don’t
need a dozen federal agencies doing the job badly — we need the best
federal agencies to do the job right.

The problem is, SIPC is not a regulator. Don’t take my word for it,
though. Check out the SIPC’s own web site, which states “Though created
by the Securities Investor Protection Act (15 U.S.C. §78aaa et seq., as
amended), SIPC is neither a government agency nor a regulatory
authority. It is a nonprofit, membership corporation, funded by its
member securities broker-dealers.”

Just more evidence that McCain is becoming more and more senile. It happens
to a lot of old people. They confuse things, can remember things, misspeak
and often don't even know they do it. Electing McCain will likely get you
Palin who really is Bush III.

Bob Eld wrote:
"A Boater" wrote in message
...
McCain Gets Both Acronym And Purpose Of SIPC Wrong

Fron Andrew Jakabovics, Associate Director for the Economic Mobility
Program at the Center for American Progress Action Fund.

Sen. John McCain (R-AZ) demonstrated again today that he was telling the
truth about not knowing much about the economy. For a man concerned
about protecting the average American from Wall Street greed, he seemed
not to know who plays what role.

During a speech today in Tampa, FL, McCain repeatedly referred to the
Securities Investor Protection Corporation, the corporation that
“return[s] customers’ cash, stock and other securities” if a brokerage
goes bankrupt, and is known as the SIPC — as S-P-I-C.

It’s possible that McCain misspoke (twice!) in rattling off what he
called “the alphabet soup” of regulators, but the error appeared both
times in the prepared text released by the campaign. Which raises the
question: does he know what he’s talking about or is he just reading
what is put in front of him?

Moving past the verbal gaffe, the more serious problem is that John
McCain and his advisors don’t seem to know what SIPC is. In today’s
speech, he said:

Too many firms on Wall Street have been able to count on casual
oversight by regulatory agencies in Washington. And there are so many of
those regulators that the responsibility for oversight is scattered,
unfocused and ineffective. Among others, we’ve got the SEC, the CFTC,
the FDIC, the SPIC and the OCC. But for all their big and impressive
sounding names, the fact is they haven’t been doing their job right, or
else we wouldn’t have these massive problems on Wall Street. At their
worse, they’ve been caught up in Washington turf wars instead of working
together to protect investors and the public interests. And we don’t
need a dozen federal agencies doing the job badly — we need the best
federal agencies to do the job right.

The problem is, SIPC is not a regulator. Don’t take my word for it,
though. Check out the SIPC’s own web site, which states “Though created
by the Securities Investor Protection Act (15 U.S.C. §78aaa et seq., as
amended), SIPC is neither a government agency nor a regulatory
authority. It is a nonprofit, membership corporation, funded by its
member securities broker-dealers.”

Just more evidence that McCain is becoming more and more senile. It happens
to a lot of old people. They confuse things, can remember things, misspeak
and often don't even know they do it. Electing McCain will likely get you
Palin who really is Bush III.




As painful as it is for me to write this, I think Palin would be even
worse than Bush.