Michael Der Manouel, Jr.

Mike is President of an insurance agency and co founder and Chairman of the Lincoln Club of Fresno.
FR BlogScan
What is the latest on CA's political blog sites?
Go to FR BlogScanRecent Posts
- Conflict?
- Senate Debate: Carly did well, journalists failed
- Jerry Roberts Critiques Food Spread In Debate Media Room
- Live Tweeting The Debate
- Stealthy teacher proves that education dollars should go to classroom, not bureaucracy
- San Diego Flips
- VIDEO: Fleischman Interviews Rep. Tom Price, Chairman of the House Republican Study Committee
- Rep. Loretta Sanchez visits Hef & Crystal At The Playboy Mansion; Hef Tweets!
- Let The Debates Begin
- OCBC - Undeserved Raspberry? OCBC Says They Did NOT Support AB 1998...
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FR BlogScan
Thursday Night Live: Thousand Oaks City Council Candidate Brandon Millan (Source: VC Star Brian Dennert)
Whitman primary spending No. 2 in dollar-per-vote breakdown (Source: SacBee Capitol Alert)
Boxer continues criticism of GOP challenger Fiorina (Source: SacBee Capitol Alert)
Fiorina Routed by Boxer In CA-Senate Debate (Source: CA Progress Report)
Kellogg honored as labor leader (Source: CCTimes/OakTrib Politics Blog)
Bid denied to force Brown, Schwarzenegger to appeal Prop. 8 (Source: SacBee Capitol Alert)
Psssttt, Carly Supports Prop 23, Opposes AB 32 (Source: Calitics)
CD11: McNerney and Harmer in dead heat (Source: CCTimes/OakTrib Politics Blog)
Go To BlogScan PageFR BlogScan
What is the latest on CA's political blog sites?
Go to FR BlogScanFR BlogScan
Thursday Night Live: Thousand Oaks City Council Candidate Brandon Millan (Source: VC Star Brian Dennert)
Whitman primary spending No. 2 in dollar-per-vote breakdown (Source: SacBee Capitol Alert)
Boxer continues criticism of GOP challenger Fiorina (Source: SacBee Capitol Alert)
Fiorina Routed by Boxer In CA-Senate Debate (Source: CA Progress Report)
Kellogg honored as labor leader (Source: CCTimes/OakTrib Politics Blog)
Bid denied to force Brown, Schwarzenegger to appeal Prop. 8 (Source: SacBee Capitol Alert)
Psssttt, Carly Supports Prop 23, Opposes AB 32 (Source: Calitics)
CD11: McNerney and Harmer in dead heat (Source: CCTimes/OakTrib Politics Blog)
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Recent Comments
Matt Munson on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Tom Kaptain on Conflict?
james sills on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Bill Wiese on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Ken Hunter on VIDEO: U.S. Rep. Ed Royce: Speaking Out On Spending!
Ken Hunter on VIDEO: U.S. Rep. Ed Royce: Speaking Out On Spending!
Ken Hunter on Reader Rebuttal: Chuck DeVore On Prop. 22
Ashley Ingram on CRP Convention: The Rules Committee Controversy - Or "Why Are People Talking About YR's?"
Ed Laning on Senate Debate: Carly did well, journalists failed
james sills on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Bill Wiese on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Ken Hunter on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Bill Wiese on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Rohit Joy on Assembly Republicans Unanimously Call On Governor To Order An Appeal Filed In Prop. 8 Case
Ken Hunter on Plastic Bag Bag/Paper Bag Tax Defeated In State Senate!
FlashReport Weblog on California Politics
Chris Cox Needs To Resign
by Michael Der Manouel, Jr. - Central Valley (bio) (email)(print)
We can dither about California politics all we want here, but Wall Street is imploding on the watch of Securities and Exchange Commission Chairman Christopher Cox (pictured right, Cox was a long-time Californai Congressman before being appointed to his SEC post by President Bush in 2006), and he needs to be fired or resign immediately. There are many components feeding the crisis in banking and equity markets, but the SEC has failed in its oversite responsiblities under Cox.
The "regulations" set to go into effect tomorrow are merely enforcement actions of laws on the books already. Christopher Cox needs to exit the stage - now. His lack of proactive leadership has cost Americans trillions of dollars of net worth already.









































Comments
It's amazing. Chris Cox was a good guy in the Congress. What happened to him?
Posted by Adam J. Bernay at September 18, 2008 12:01pmWashington.
Posted by Alex Burrola at September 18, 2008 2:29pmUnfortunately, Yes, Christopher Cox needs to pack his bags, clean his desk and go his home in Orange County.
Posted by Allen J. Wilson at September 18, 2008 3:54pmSomething for others to learn this lesson:
Once you are at the helm of an agency/department/commission, use the bully pulpit of your job and do it right from the start. There is no need to keep the seat warm and reply to a crisis. Prevent a crisis by being proactive.
Not to defend Cox, or the SEC either, but don't exaggerate. Nobody has lost "trillions" of "net worth."
Posted by Tony Gastelum at September 19, 2008 11:38amThe whole point of the government actions has been to guarantee bonds and other debt, and to fund insurance policies that would in turn stabilize the other firms depending on that coverage. In other words, to preserve the worth and stability of all those assets.
The only "loss" (which is only a temporary paper loss at this point, even though the credit crisis for these firms was very real) was for the shareholders of Bear, Lehman, Merrill and FNMA & FDMC.
In the case of the first 3, the SEC's job isn't to keep them in business. Especially when they make bad bets with highly leveraged capital.
In the case of FNMA & FDMC, those shareholders enjoyed inflated profits from the "implied" government guarantee, even while the likes of Jim Johnson and Franklin Raines looted the business and doctored the financials, and Chris Dodd, Barney Frank, Joe Biden, and even (in his brief little Senate career so far) Barack Obama made sure that by law the SEC and any other agency except the laughably understaffed OFHEO was not permitted to lay a glove on them, let alone review their books.
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