LOL First he says speculators shouldn't be able to shortsell, then he says speculators shouldn't be able to buy!
I always find it very frustrating reading from someone who has never spent 7 hours straight watching a Level II say to bring back the uptick rule. The man clearly does not know what he's talking about. As far as saying the market priced of the derivatives are manipulated by short sellers, well, if the prices are below the future cashflow expected, the shorts will therefore get killed, no?
Why is this guy being hired to give his opinion ? See 4:00----5:52-----5:16 and my favorite at 6:20...Buy Merrill Lynch at 76 and the financials were super bargains <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/2I0QN-FYkpw&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/2I0QN-FYkpw&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
Quote from article:Ben Stein is a lawyer, writer, actor and economist. He's also a frequent lier on Fox when he's pumping stocks.
No. If *your* potential future earnings are 1 million but I stick a knife in your back, and you fall dead to the floor, that is no longer is the case . Kapish? And all 7 hours watching level 2 proves is that you have nothing better to do. If you think stocks are trading the same now as when the uptick rule was in effect you are mistaken. Not saying that is the cause of the crisis, but there is a difference.
Laffer is an @nus with legs. Clearly. Schiff, sadly, seems to have lost his followers money with his portfolio, even if he was on the right side of the recession.