I hear Senator Obama repeat the canard that the Presidents Administration failed to properly provide oversight to the financial sector of our economy, thereby making President Bush the culprit for the market collapse.
The party charged with Oversight is congress. Congress, both House and Senate regularly have hearings and subpoena people they don't like, in an attempt to provide oversight. The Presidents role is executive. To execute the law. He can neither compel suspects to a hearing nor can he force their testimony. Congress has these powers. They just fail to use them. Too bad the cigarette executives aren't those who caused our financial mess. Congress would surly have acted then.
In the House Barney Frank heads the committee who is supposed to monitor the economic affairs. In the Senate, Chris Dodd is the Committee Chair.
Senator McCain needs to set this straight. Something like;
Senator Obama errs in his definition of just who has oversight responsibility. His confusion is understandable, considering the Jr. Senator from Illinois has spent hardly any time in the well of the Senate.