SEC Chairman Christopher Cox Needs to Go

Today across the wires:

Nov. 10 (Bloomberg) — U.S. Securities and Exchange Commission Chairman Christopher Cox said the agency will propose rules next month making it harder to invest in hedge funds. “We’re going to make it very clear that hedge funds are risky investments that are not for mom and pop by fencing it off with higher standards to accrediting investors,” Cox said in an interview today.

This is an idiotic statement. So there is now one definition of “risk” applicable to all types of hedge funds? What is it?

I would like to know if Mr. Cox thinks being down over 50% for six years buying and holding the NASDAQ was risky? How in the world did a bunch of politicians come to think they know what is right for people’s portfolios?