Another Retreat From Values

The Bush Administration hammers on a daily basis for it's plan for private investment of Social Security funds in the Wall Street stocks. And under the previous SEC chief, the stock market was made a safer area for investors to tread. Scandals such as Enron or other scandals in which corporations made sweeping promises to investors not back by truth left many investors with little or nothing as their stock plummeted in value and corporate heads pocketed the public's invested value. The previous SEC chief tightened rules to protect investors.

Now the Bush Administration appoints a new head for the SEC, right wing congressman Christopher Cox, who believes in a "laissez-faire" approach to investors investing in the Wall Street stocks. Cox has had a rotten history of attempting to limit investor lawsuits when stock market crooks steal the investor's stock values. And instead of looking to protect the investor, has instead sided with the worst corporate swindler interests against the investors. If the SEC will not clamp down hard on fraudelent activity that swindles investors each year who place their life savings in stock issues, then Bush has no business promoting his Social Security plan which puts investor funds more likely to stolen when a "puffed up" stock issue deflates and investor money disappears into the pockets of some unsavory corporate heads. Some people will face serious financial problems if their investment money intended for theire retirement disappears because of unsavory business interests.

Our own family lost a fair sum of money some years ago in such a Wall Street scheme, where a corporate head "puffed up " the corporations real potential. The corporate head walked off with most all of the stocks values, and the investors were only left with a few pennies a share. Millions of dollars were lost by investors in just this single stock issue. Congressman Cox may want to defend unsavory persons like this. His history of anti-investor legislation is indeed a rotten one.

The stock market will indeed become a more dangerous place to invest under Cox. And if Bush wanted to sell his Social Security plans, then every effort to protect the investors should be undertaken. But this is just another from retreat from decent values from the corrupt Bush Administration. While most of the public was disgusted by some corporate figures like Ken Lay from Enron, Bush embraced his friend and referred to him as "Kenny Boy". Kenny Boy let a lot of people down hard. New SEC head Cox will also let a lot of people down. If confirmed, Cox will light a green light for a new environment of Enron style problems for investors in the future. Another rotten values retreat from the Bush White House. This Administration is doing everything to make the Nixon Watergate Administration look almost saintly by comparison.