Bernanke: Uptick rule might have been useful during crisis
Federal Reserve board chairman Ben Bernanke seemed to give tacit support on Wednesday to restoration of federal rules that don't allow short-selling while a stock is declining. In a question-and-answer session with the House Financial Services committee, Bernanke said that the rule "may have had some benefit" during the current crisis. Mary Schapiro, the new chief of the Securities and Exchange Commission, told the New York Times this week that she's thinking about reinstating the rule. The SEC eliminated the rule in 2007. It had been in place since the market crash in 1929. It stated that short sale had to take place at a price higher than the price of the previous trade. Robert Brusca, chief economist at FAO Economics, said too many people on Wall Street were able to make profits from the pessimism in markets and restoration of the up-tick rule was needed.
Lakedweller2 - wrote
These comments by the SEC and Fed support the conspiracy theory that market manipulation is a purposeful activity by the government. They have stolen all the money through derivatives, depleted the treasury through bailouts, and allowed the hedge funds to destroy any market or company they desire. Why not reinstate the uptick rule. There is nothing left to protect.
Ggeophiz - wrote
Where is Congress? Grandstanding in the TV covered committee meetings. All blow and no go.
Dodoclown - wrote
LOL blame the shorts for this World Wide Depression... not the Wall Street banks that STOLE trillions from World investors through the Scheme of CDO selling with AAA rated investments and while insuring these toxic CDOs with CDS to scam governments world wide... BUT of course these Wall Street banks that did this (GS, JPM, C, BAC, WF, LEH) are not to be blamed, they were just doing their job of making trillions off the backs of the 401K holders and NOW they are STEALING more money through Bailouts! ... but the small brained Bernanke blames the short sellers! LOL @ this... bunch of imbeciles
Cybernaut - wrote
Until this nation comes to grip with the fundamental question of enforcing the rule of law...we will continue slide down the path of moral corruption.
Federal Reserve board chairman Ben Bernanke seemed to give tacit support on Wednesday to restoration of federal rules that don't allow short-selling while a stock is declining. In a question-and-answer session with the House Financial Services committee, Bernanke said that the rule "may have had some benefit" during the current crisis. Mary Schapiro, the new chief of the Securities and Exchange Commission, told the New York Times this week that she's thinking about reinstating the rule. The SEC eliminated the rule in 2007. It had been in place since the market crash in 1929. It stated that short sale had to take place at a price higher than the price of the previous trade. Robert Brusca, chief economist at FAO Economics, said too many people on Wall Street were able to make profits from the pessimism in markets and restoration of the up-tick rule was needed.
Lakedweller2 - wrote
These comments by the SEC and Fed support the conspiracy theory that market manipulation is a purposeful activity by the government. They have stolen all the money through derivatives, depleted the treasury through bailouts, and allowed the hedge funds to destroy any market or company they desire. Why not reinstate the uptick rule. There is nothing left to protect.
Ggeophiz - wrote
Where is Congress? Grandstanding in the TV covered committee meetings. All blow and no go.
Dodoclown - wrote
LOL blame the shorts for this World Wide Depression... not the Wall Street banks that STOLE trillions from World investors through the Scheme of CDO selling with AAA rated investments and while insuring these toxic CDOs with CDS to scam governments world wide... BUT of course these Wall Street banks that did this (GS, JPM, C, BAC, WF, LEH) are not to be blamed, they were just doing their job of making trillions off the backs of the 401K holders and NOW they are STEALING more money through Bailouts! ... but the small brained Bernanke blames the short sellers! LOL @ this... bunch of imbeciles
Cybernaut - wrote
Until this nation comes to grip with the fundamental question of enforcing the rule of law...we will continue slide down the path of moral corruption.
