2008-09-18 — blogspot.com
The Securities and Exchange Commission took its most aggressive assault against bearish stock bets by stating its intention to issue a temporary ban on short-selling.
SEC Chairman Christopher Cox briefed Congress late Thursday of the agency's intention to take the extraordinary step of interfering with the market's regular functioning. Short-selling is a trading strategy of selling borrowed stock in hopes it falls and can be repurchased at a lower price.
Interfering with the market's regular functioning always means things are improving...
More from Mish's commenter `CS':
Frankly, I don't know where we go from here. Despite what government officials want, you cannot intervene your way to renewed credit and economic growth. The excesses of the past 25 years have come home to roost, and if we aren't careful this country's status as the hub of global capital markets and the holder of the world's reserve currency will disappear.
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