October 9, 2008
1 - The SEC should enact a PERMANENT ban on ALL short selling in US markets
2- The SEC should enact a PERMANENT ban on sale of all stock market put options
3 - The SEC should PERMANENTLY halt trading in all short and ultrashort stock market ETFs
4 - The SEC should institute these changes immediately without any further warning for maximum impact
5 - The SEC should go to the US government and request mandatory reporting of short selling activity in foreign markets and application of economic sanctions upon countries where significant abuses continue
6 - The SEC should ban mark-to-market accounting for instruments for which there is no orderly market
It is high time to declare war on -- and financially ruin -- those -- who through abusive short selling in all its nefarious guises -- are ruining the US economy for their own private gain.
We have all seen previously what abusive short selling has done to various stocks. Now we are seeing what it is doing to American capitalism in general. It is long past time for the SEC to launch World War III upon the shorts. If the head of the SEC does not act upon this crisis within 24 hours, he should be summarily fired and publicly humiliated for his rank incompetence.