Throw the Bum Out

When the Milwaukee Brewers get swept in a four-game road trip to Philly, it was time for the manager to go. I am already hearing about the possible firing of NFL coaches after two weeks of losses.

But SEC Chairman Chris Cox, a man who is so over his head, stays. A man who by enforcing the ban on reckless short-selling (that was illegal since the 1930s) almost saved the system but then inexplicably did not extend the rules, gets to stay! This one-man wrecking crew, who just cost us $85 billion and is responsible for not enforcing the disclosure rules for outfits like Lehman (LEH - commentary - Cramer's Take) and AIG (AIG - commentary - Cramer's Take), who didn't re-institute the uptick rule because of some nonsense academic work that was done in boom times, is still running the joint.

This is almost Leninist in its destruction of capitalism. I can't believe that this man has put the whole financial services sector in the hands of the shorts. I can't believe he can't see this. I just can't believe it.

These rules would have made it so even a poorly run outfit like AIG might have been saved without a bailout. It certainly would have given Lehman some breathing room.

Nope.

We need those rules back, now. We need them to save the remaining institutions that we all know are at the brink.

If he lets us down again, then there really is a situation coming where there is another institution that is too big to fail.

Fire Cox. Fire him now.

At the time of publication, Cramer had no positions in the stocks mentioned.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.