John McCain's recent comments on the economy aren't just coming under fire from Barack Obama's campaign: arguably the country's most conservative editorial board said Friday the Arizona senator's recent "populist rifting" was downright "un-presidential."
A Friday Wall Street Journal editorial sharply criticized McCain for his recent condemnation of Christopher Cox, the chairman of the Securities and Exchange Committee. The Republican presidential nominee told an Iowa crowd Thursday Cox had "betrayed the public trust" and should be fired.
"Mismanagement and greed became the operating standard while regulators were asleep at the switch. The primary regulator of Wall Street, the Securities and Exchange Commission kept in place trading rules that let speculators and hedge funds turn our markets into a casino," McCain said.
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In the bruising editorial, the Journal said those comments an "assault on Mr. Cox is both false and deeply unfair."
"It's also un-Presidential," the Journal said.
Specifically the editorial says many of McCain's allegations against the SEC were misleading — particularly his claim the SEC allowed "naked short selling" and eliminated the "uptick rule that has protected investors for 70 years.
According to the editorial, the SEC never condoned the practice of "naked" shorting, and has sought to eliminate the practice during Cox's tenure. The Journal also supports the SEC's decision to eliminate the uptick rule, calling it a "Depression-era chestnut" that "protected no one."
"In a crisis, voters want steady, calm leadership, not easy, misleading answers that will do nothing to help. Mr. McCain is sounding like a candidate searching for a political foil rather than a genuine solution," the editorial also said. "He'll never beat Mr. Obama by running as an angry populist like Al Gore, circa 2000."