SEC Chairman Cox Attempts To Ban All Short Selling
I have been generally supportive of Chairman Cox but that's about to end. Now it appears he is part of a government run amok. Government attempting to hide its complicity in the mess we now see. It appears Cox needs to find something to do with his time given John McCain called for his dismissal.
I have no idea why we did away with the uptick rule. And, I have no idea why the SEC can't seem to consistently enforce the regulation of naked short selling or any of the other rules on its books. But, now Chairman Cox wants to blame short sellers following the law but only for two months. How absolutely and utterly ridiculous. This reeks of political moves attempting to sway election or save his boss's legacy as a short term band-aid that will surely accomplish nothing. This is no different than the Russian or Chinese government trying to control their stock markets. What next? No trading in the cratering bond market? No selling allowed at all?
Chairman, if you can't figure out what you should spend your time on, I would suggest a remedial education as to why stock prices are down - completely incompetent CEOs, no risk management, trillions of dollars in bad loans, hundreds and hundreds of billions in losses, business models that aren't sustainable, insolvent companies, Frankenstein finance and on and on and on. I think there's plenty of law on the books for you to focus on until your term comes to pass. To blame short sellers is a political ruse that will likely have one impact of taking billions of dollars out of the economy as well as many other unintended consequences.
AIG didn't go to $1 for grins and giggles. The government had to spend $85 billion and counting to keep them afloat. May I ask what that had to do with the actions of short sellers following the law? And, we see no financial institutions willing to bid for Washington Mutual trading down from $50 to $2 a share. I guess if we didn't have short sellers, WaMu would be trading at $30 or $40 eh? And the fact that no company on earth is willing to bid $2 a share is because of short sellers? How ironic a Republican administration espousing the ideals of free markets has turned into the most big spending, bloated government, fiscally irresponsible, anti-free market, socialist, anti-American idealed administration in history.
I have no idea why we did away with the uptick rule. And, I have no idea why the SEC can't seem to consistently enforce the regulation of naked short selling or any of the other rules on its books. But, now Chairman Cox wants to blame short sellers following the law but only for two months. How absolutely and utterly ridiculous. This reeks of political moves attempting to sway election or save his boss's legacy as a short term band-aid that will surely accomplish nothing. This is no different than the Russian or Chinese government trying to control their stock markets. What next? No trading in the cratering bond market? No selling allowed at all?
Chairman, if you can't figure out what you should spend your time on, I would suggest a remedial education as to why stock prices are down - completely incompetent CEOs, no risk management, trillions of dollars in bad loans, hundreds and hundreds of billions in losses, business models that aren't sustainable, insolvent companies, Frankenstein finance and on and on and on. I think there's plenty of law on the books for you to focus on until your term comes to pass. To blame short sellers is a political ruse that will likely have one impact of taking billions of dollars out of the economy as well as many other unintended consequences.
AIG didn't go to $1 for grins and giggles. The government had to spend $85 billion and counting to keep them afloat. May I ask what that had to do with the actions of short sellers following the law? And, we see no financial institutions willing to bid for Washington Mutual trading down from $50 to $2 a share. I guess if we didn't have short sellers, WaMu would be trading at $30 or $40 eh? And the fact that no company on earth is willing to bid $2 a share is because of short sellers? How ironic a Republican administration espousing the ideals of free markets has turned into the most big spending, bloated government, fiscally irresponsible, anti-free market, socialist, anti-American idealed administration in history.
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