The trickle-down effect of presidential elections
As Nancy Pelosi famously remarked, “Elections have consequences.” This is important to remember: The contest this fall between McCain and Obama is not just about who will sit in the White House; it’s largely about who will sit beside that person throughout all levels of government — tens of thousands of appointees.
Take the case of Christopher Cox, an unmissed former Congressman from Southern California whom “President” Bush appointed to the chairmanship of the Securities and Exchange Commission. Want to know why Lehman Brothers, Bear Stearns, and Merrill Lynch have collapsed? Look no further than Cox and his predecessor, who removed provisions designed to ensure the stability of these institutions. Is there a direct line of political contributions and favors between the principal players at these failed firms and the powers-that-be responsible for these rules changes? I suspect so.
(In the interest of fair indictment, it’s worth noting that Cox’s nomination was approved unanimously by the Senate. So don’t expect any of those Democrats to come out blazing against him.)