Even worse. Remember that his first two S.E.C. appointees were even less active, which prompted their replacement.

Now his most energetic choice gets blasted for not doing enough? What did McCain want Cox to do? Enact stricter regulations that Republicans would block?

It’s time to face the facts. The market is crying out for some government intervention and improved regulation. Conservatives hate to even consider it, but there’s rarely been a clearer call than the response of markets this week.