I love snopes for those 10 sec checks
So Dr. Sam Vaknin did not write this article.
[url]http://www.snopes.com/politics/soapbox/vaknin.asp[/url]
But... That does not mean it is not true. (Although I have not read the whole post, I think the moment the "article" is using a name of another person to justify its trustworthiness, 99.99% of the time the article is full of sh*t)
OK Sid we all know that you HATE the man
Please get some new spin on your hatred. It is becoming boring. Dick morris? Quoting him again?
Let's turn to some sort of new angle. You are a bright man. But you are repeating yourself. I do respect your right to hate the president. You have the right to repeat your hatred as many ways as you please.
There is a debate beginning on the sec bringing back the up-tick rule. The fed chairman actually spoke about it in his speach today. Sid is a professional securities trader w / lots of savy. This rule was first put in place by Joe Kennedy--JFK's father, when he was FDR's SEC chairman.
Many historians blame the large number of bank failures in the early 1930's on short sellers beating the bank stocks to death. BAD news. Scare the heck out of everyone. Runs on the banks and the bank stock prices get pounded down every day without let-up. So joe kennedy imposes a requirement that you cannot sell short a stock without waiting for the stock to up-tick[go up] before another short sale can be made. This rule remained in place since it started thru all the other presidents including such free market kind of guys like regan and nixon. Our last president--with his harvard mba--let the rule be dropped. The fed president implied that the rule might be re-instated to prevent the dailey punding and manipulation of bank stocks which have enough of their own real fundimental problems.
I am hoping that Sid might comment on something positive about Bush leaving and having some new faces in town and possibly at the SEC.
Sid--I aggree that the new secretary of the treasury has no idea--he is clue- less and scaring the S__T out of everyone. I can't imagine what he is doing or even more interesting--what is his actually intention when this endless barrage of dumb garbage pours out of his mouth.
It would be good to hear from you. You are more knowledgable than most about the stock markets. What role, if any, does the lack of the up-tick rule play in the destruction of capital today?
Sid--do your thing, please!
Thanks BTG, but Sid--the uptick rule and Cox leaving the SEC
Would you share a little bit of your experince and knowledge with all of us?
BTG tends to agree with my point of view that some regualtion might help slow the destruction of capital.
I would love to see the SEC to have the funding to investigate some of the financial nonsense and prosecute or refer to the us attorney violators and wall street guys who committed fraud and made tens or hundreds of milllions of dollars. As stan the man, who used to work at the sec told us, the sec under the last president barely had money to buy toner for the photocopiers. If you don't believe in regulation, don't waste money on funding regulators.
Sidney?