SEC OK's effort to limit short sales...

[Damocles]

http://www.marketwatch.com/News/Story/Story.aspx?guid={3E67524F-203E-4A45-AE26-D9CECE312796}

Agency considers five approaches to bring back uptick rule

WASHINGTON (MarketWatch) - Under pressure from lawmakers and financial institutions, the Securities and Exchange Commission on Wednesday approved the release of five different proposals for reinstating the uptick rule, a provision that would limit short selling.

The five SEC proposals, which will be put out for a 60-day public comment period, were approved unanimously by the five-member panel. The proposals vary from reinstating the old rule to creating a new rule that would only apply in severe market conditions.

"The commission is aware of balancing the benefits of its rules and the costs to trading," said SEC Chairwoman Mary Schapiro.

SEC staff said the new rules couldn't be approved for at least three months.

More at link...

 

[evince]

Why did the SEC end it in 2007?

 

[Damocles]

Why did the SEC end it in 2007?

To help their friends get rich riding that thing down.

I'm not kidding, I can't see any reason it was a good idea other than that.

I'm watching this, if they ever remove that rule again, I'm going heavy into shorts.

 

[evince]

You got it Damo , this was planned by these scumbags to make the wealthy wealthier.

 

[Cancel 2018. 3]

You got it Damo , this was planned by these scumbags to make the wealthy wealthier.

and soros has been bragging about what a good year he has had....imagine that

 

[evince]

Yurt who controled everything back them?

 

[Damocles]

Yurt who controled everything back them?

The Ds controlled Both houses of Congress and they made the laws. Stop being so obtuse, you are better than this.

Crap, for four years of Bush's term the Ds controlled the Senate. Yeah, the Rs only controlled it for four years of Bush's term... and then by only a small margin.

 

[evince]

Damo when was that law changed and by whom?

 

[Damocles]

Damo when was that law changed and by whom?

In 2007 after a request by the Finance Committee, the SEC removed the rule. Can you tell me who headed up the Committee at that time? Was he walking around telling us that FM & FM were fanstupentastically funded uber-companies that would never fail?

 

[evince]

Now when did he say all of that?

Oh yeah in 2003.

 

[Damocles]

Now when did he say all of that?

Oh yeah in 2003.

Who? He said it in 2008, you know... just before the collapse.

so... Oh Yeah.

 

[evince]

All the clip and quotes I've seen were from 2003

 

[Damocles]

All the clip and quotes I've seen were from 2003

In July of 2008 he stated that Fannie Mae and Freddie Mac were uber-fantasmagorgasmically strong. (The adjective is mine, but the point is not).

 

[evince]

Could you go get the quote?

 

[Damocles]

Could you go get the quote?

Can you use Google?

 

[Damocles]

Here's a place to get the video...

http://digg.com/business_finance/Barney_Frank_Freddie_Mac_Fannie_Mae_fundamentally_sound

Note how "fundamentally sound" the companies were just weeks before their total failure.

I think if McCain had said something like this there might have been some backlash...

 

[evince]

I just tried and could not find it

 

[evince]

July 14, 2008: I think this is a case where Freddie Mac and Fannie Mae are fundamentally sound. They're not in danger of going under. They're not the best investment these days from a long term standpoint going back. I think they are in good shape going forward. They're in the housing market. I do think their prospects going forward are very solid.


Not quite what you infered

 

[Damocles]

I just tried and could not find it

I did and posted it. I think you failed because you didn't "try" all that hard.

 

[evince]

I typed it in and did not find it.

Thank you for providing what you claimed even if it didnt quite read like you suggested.