Our do-nothing

SEC

boss, Chris Cox, has some nerve calling for a

bailout exit strategy.

This is the guy whose utter failure to govern the creation of nearly fictional derivatives of derivatives of derivatives of mortgage-backed derivatives got us into this mess.

He let the likes of

Citigroup

(C) - Get Report

and

Merrill Lynch

(MER)

invent and sell just about any kind of security they could dream up.

Now suddenly he's concerned about taxpayers. Where was that concern over the past three years as he kicked back and let the banks run amok?

Now don't get me wrong. I don't blame the banks for wanting to make money and getting creative with securities -- hey, if the regulator didn't object, why not?

And don't think for a second that I like the way this massive government intervention is socializing our financial system.

I just can't take the hypocrisy. If Cox had been doing his job the last three years, there wouldn't be a need for a bailout.

But let's not forget that Cox hails from Orange County, Calif. -- the place that practically invented subprime mortgages and hyper-housing inflation.

So by all means, let's heed his advice about complete laissez faire government.

It's worked out so well for us.