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#1
posted to rec.boats
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Getting smart
Cris Cox (SEC Chairman) has temporarily suspended the practice of selling
short on Wall Street as of this morning. Good move. Too bad it was he who did away with the long standing "Uptick Rule" last year that banned naked short selling. He did so as an "experiment" to see if the rule, in place since 1938, was really necessary. The results of his experiment are obvious. http://news.yahoo.com/s/ap/20080919/..._short_selling Eisboch |
#2
posted to rec.boats
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Getting smart
On Fri, 19 Sep 2008 07:15:34 -0400, "Eisboch" wrote:
Cris Cox (SEC Chairman) has temporarily suspended the practice of selling short on Wall Street as of this morning. Good move. Too bad it was he who did away with the long standing "Uptick Rule" last year that banned naked short selling. He did so as an "experiment" to see if the rule, in place since 1938, was really necessary. The results of his experiment are obvious. http://news.yahoo.com/s/ap/20080919/..._short_selling It was a bad idea, but I don't think it was ill intentioned. I think it was a matter of bad timing. The simple truth is that the market needs short sellers just like it needs speculators - that's how liquidity is provided to keep the flow of money to banks and investment firms. The problem came when there was too much money changing too litle profit and it infected the entire financial system when everybody went totally and completely off the rails chasing profit. I think there was a huge reluctance to enter into another RTC solution to the process, but it worked for the S&L crisis and it will work in this crisis - a sunsetted GSE which will actually make money for the texpayers insted of costing them money. I'm all fot it. |
#3
posted to rec.boats
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Getting smart
On Fri, 19 Sep 2008 07:15:34 -0400, Eisboch wrote:
Cris Cox (SEC Chairman) has temporarily suspended the practice of selling short on Wall Street as of this morning. Good move. Too bad it was he who did away with the long standing "Uptick Rule" last year that banned naked short selling. He did so as an "experiment" to see if the rule, in place since 1938, was really necessary. The results of his experiment are obvious. http://news.yahoo.com/s/ap/20080919/..._short_selling Eisboch Perhaps more deregulation? http://www.nysun.com/business/ex-sec...ency-for-blow- up/86130/ |
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