The whole financial system is under attack, but he’s still refusing to reinstate the uptick rule. Kudlow, Cramer, Bob McTeer, most traders and specialists on the NYSE want the uptick rule reinstated. Fire the dumb FASB accountants also. They have the mark-to-market rule (liquidation value) that ignores the long-term liabilities (ability to hold assets long-term to fix problems). This rule has caused capital implosion. Bob McTeer (former Dallas Fed bank president) and former Treasury Sec Rubin also said that this rule needs to be revised. The CFA (Chartered Financial Analyst) Institute’s valuation experts also questioned the wisdom of this stupid mark-to-market rule. Foreign companies use Global Accounting Standards. So they are not at risk. Foreign experts also questioned the wisdom of the US mark-to-market rule. They decided not to follow the US and stayed with their own. Good for them! Many companies in the last few months have asked Cox and the SEC to have an option to use the Global Accounting Standards. And they were refused. It showed that Chris Cox and the SEC have no skill to be good regulators. They need to be fired.
Reinstating the uptick rule won’t change a thing.
Sigh. Did you have any intelligent things to say about those things or just that people deserve to be fired because other people disagree with them?
I don’t think the uptick rule would help. The rule I do think should exist is one banning naked short selling. I don’t know/care if it would make much difference, but it does seem a bit like nicking someone’s WSJ without asking them.
Nah, it’s just borrowing someone’s WSJ without asking them and selling it to someone else. I don’t see the problem if you return it the next day.
The problem is that there is now 2 WSJs not 1 – so the value of the original WSJ is cut in half. Plus there’s another guy out there willing to loan you his WSJ for 30%, but since you’re out there selling it without borrowing it from he has to reduce the rate he’s wiling to loan it at. Also, you’re now selling the WSJ at the same price you would if you had truly owned it, when you should be selling it at a premium to cover the 30% (or whatever the market clearing rate is) premium you paid to borrow the paper.
^what he said.
TJR Wrote: ------------------------------------------------------- > The problem is that there is now 2 WSJs not 1 – > so the value of the original WSJ is cut in half. What if you just borrow the Marketplace section and sell that?
More like 10 people borrowing the same WSJ to sell it and drive the price down.
Remember, though, shares shorted have to be bought back. Without those short covering, who would be buyers?
You don’t have to cover if the company goes under. Plus its a tax free profit.
I don’t think you guys read his original post. BOTH Kudlow and Cramer want the uptick rule. I don’t see how it could possibly be a bad thing. Plus there’s no way to get around it…oops I just thought of one. Naked short selling has always been banned, and I haven’t heard anyone call for it to be allowed.
But it has never been enforced. Look at the level of delivery failures in heavily shorted stocks.
GS is the biggest naked short seller…they even naked short sell GS.
louisvillegrad Wrote: ------------------------------------------------------- > GS is the biggest naked short seller…they even > naked short sell GS. Do you have any evidence of this whatsoever? You cannot site yahoo message boards as a reliable source.
Evidence or STFU
> You don’t have to cover if the company goes under. Yeah, “if” it goes under.@You don’t have much trading experience, do you?
“Chris Cox still has to go. He is too dumb” Anymore topics like this and I say ditto for the author.