McCain says as president, he would fire the head of the SEC. The president can't fire the head of the SEC.

Does John McCain know anything about anything?

Today, he announced that, as president, he would fire SEC Chair Christopher Cox over the meltdown on Wall Street.

As ABC News points out, the president has no such authority.

"The regulators were asleep, my friends," McCain said. "The chairman of the SEC serves at the appointment of the president. And in my view has betrayed the public trust. If I were president today, I would fire him."

But while the president nominates and the Senate confirms the SEC chair, a commissioner of an independent regulatory commission cannot be removed by the president.

A little straight talk, my friends: John McCain has no idea what he is talking about.