During a speech in Tampa today, John McCain demonstrated again that the economy is not something he understands as well as he should. He twice incorrectly referred to the “SPIC,” when intending to refer to the SIPC (the Securities Investor Protection Corporation) — a corporation that “return[s] customers’ cash, stock and other securities” if a brokerage goes bankrupt. Watch McCain’s gaffe:
McCain called the “SPIC” a regulatory agency. In fact, as Andrew Jakabovics explains, SIPC’s own website states that it is “neither a government agency nor a regulatory authority.” He writes, “For a man concerned about protecting the average American from Wall Street greed, [McCain] seemed not to know who plays what role.”
During a second campaign rally in Vienna, OH, McCain repeated his gaffe, referring to the SIPC as the “SPIC” multiple times.