Do you remember the kids book, Where's Waldo? It was a fun picture book for youngsters searching for Waldo who was cleverly hidden in the crowd.

Well, where is Christopher Cox, head of the Securities & Exchange Commission. Where is the SEC? Like it or not, we know what Treasury secretary Henry Paulson is doing and Fed chairman Ben Bernanke (and I'm a fan of their actions so far). But the SEC? It's asleep, although it has imposed some limitations on short selling. Wow.

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