Christopher Cox Feeds Congress Crapola

So the chairman of the SEC says that:

Christopher Cox, chairman of the Securities and Exchange Commission, defended himself, saying that virtually no one had foreseen the meltdown of the mortgage market, or the inadequacy of banking capital standards in preventing the collapse of institutions such as Bear Stearns.

I know this is a load of crapola because I've been reading the warnings myself for the past four years. Please Mr. Cox, come up with a believable excuse for shirking your duty.