August 12, 2008
Having just become aware of the emergency order banning "naked" short selling being lifted last night, I remained in a position which virtually ripped every hope I had in the financials pulling through in what appears to be an optimistic turnaround in the whole market.
What I do not understand is why would the ban be lifted now when we all know that the flow of money coming in is what the financials need? People need to, and even what to believe in financials and are willing to put their money in it.
However, optimists (those who use their own money to invest) will not when you have vultures like "naked" shortselling looming around every corner. These bozos do not care about building anything. They only destroy. And they do not even have the gonads to use their own money to do it. They have to use somebody elses.
OK, I see and even understand the pressures upon the FED and our government in not rising the inflationary rate by pouring billions into the financials to buoy them up. But, the ban on "naked" shortselling is one small measure of enforcement that brings about much good if allow to be maintained.
So, PLEASE, at least for the sake of us retailers who are not afraid to put our money where our mouth is, reinstate the ban on "naked" shortselling. And if you really have any power, we retailers would like to see the uptick rule reinstated.
Jeffery J Cole