Thanks to Stock777 for getting this to me. I like Barry's stuff, but he has hated us. He had to eat a lot of crow to print this, but he did it. Now, one of your own sees it my way - the right way. Gonna stand there? Gonna let them swamp us. Or are you going to do the right thing and support your own friggin' country. Hate me, but call your contacts and tell them what is going on. http://www.rgemonitor.com/financema...ack_on_us_financials_details_of_sec_short_ban Terror Attack on US Financials? Details of SEC Short Ban PrintShare Delicious Digg Facebook reddit Technorati Barry Ritholtz | Sep 19, 2008 Last night, we discussed the absurdity of banning all short sales. The details of the SEC action have been released (see below). The specifics are a "temporary halt in short selling in 799 financial institutions" until October 2nd. I have been trying to contextualize this, and I keep coming back to what seemed like a wild theory yesterday that seems a whole lot less wild today. During the day, I had an interesting phone conversation with Joe Besecker of Emerald Asset Management. (We used to do schtick together on Power Lunch, and made for an amusing financial comedy team). But Joe is a good money manager, a great stock picker, and a thoughtful guy. He raised an intriguing issue: None of the many hedgies he knew were pressing their bets recently. The bear raids on the banks and brokers were NOT a case of piling on by US based hedge funds. And from what he was seeing and hearing about in terms of order flow, the vast majority of the financial short selling the past week or so were being done overseas. It appears that the lion's share of shorting was coming out of overseas bourses such as London and Dubai.It may not be a coincidence that the financial short selling ban is both here and in London. Then there is another coincidence: The huge increase in shorting of the financials occurred on the anniversary of 9/11. And on top of that, the same institutions attacked on 9/11/01 were the ones suffering in recent days. Joe asked the question: Is anyone investigating whether this is a case of financial terrorism? He wanted to know if someone was at least looking into this question (Joe is buds with Jim Cramer, and mentioned it to him, who then omitted to cite in his column that this was Joe's theory, not his own). Anyway, its an interesting theory, one that seemed kinda out there -- until last night's emergency action. Nothing else really explains the insanity of banning short sales -- except for Joe Besecker's questions. I can think of 3 possibilities: 1) Extreme idiocy and incompetance -- not unthinkable fom the gang that couldn't shoot striaght in DC thse days; 2) Following the impetuous Fannie/Freddie rescue, the timing of this certainly has political overtones. We will see if it gets extended a month from October 2nd to November 5th. 3) Some other factor, possibly finacial terrorism.
Haven't you heard about the "Islamic Bin Laden Global Opportunites Fund"? Its headquarters are in the Middle East, has several Trillion dollars in assets, Fund mandate is LONG OIL & GOLD, SHORT WESTERN WORLD!!!! :eek:
And from what he was seeing and hearing about in terms of order flow, the vast majority of the financial short selling the past week or so were being done overseas. It appears that the lion's share of shorting was coming out of overseas bourses such as London and Dubai.It may not be a coincidence that the financial short selling ban is both here and in London. -------------------------------------- I find this interesting. I thought London intiated the short sell ban first. I have no opinion on the signifigance of this but the plot thickens.
The press conference with p-p-p-Paulson and Pennylvania Ave Pocketbook Protectors was indeed ominous. We the people have not been given the truth, no matter what that truth is. If it is terrorism, unfortunately, the short sell ban is merely minimalizing, not eliminating, the ability to profit monetarily. More unfortunately, monetary profits are secondary, tertiary or maybe just bonus motives for terrorists. Osorico
It is merely a disguise Watson, just as th 911 conspiracy that was pre planned and organized within the Gov't. It's an inside job. Popular mechanic of techanical analyis soon will have an issue of out explaining the reason the 4 towers of bsc leh fre fnm fell, with undisputed proof it was paper airplanes.
here's a sipc study on MJK. Like, this was a mystery to this date. MJK, up to that point, was the biggest SIPC failure to that two. There have been two, bigger fails since then. http://www.sipc.org/pdf/SIPC_dt.PDF http://en.wikipedia.org/wiki/Adnan_Khashoggi This is simply a failure of Government. It is a failure of Capitalism, in that the money changers, making billions, wanting more, sided with enemies. It's not even arguable at this point. Help out, or go get real jobs, if you can find one.
You mean he is a staunch capitalist like the rest of US? Gold Standard and everything? What would Richard Salsman say... http://www.capmag.com/ http://en.wikipedia.org/wiki/Gold_standard http://en.wikipedia.org/wiki/Free_banking
The only terrorists that have manipulated the markets are White House, FED, SEC and BSC, LEH, MS, MER et al. Funny - always when there are internal problems in the U.S. and there is a need to unite the people against a common enemy it is the "evil terrists" (sic) who are to blame. It's the way all magic tricks are done - misguidance.
You're wrong. I can not tell you yet why you're wrong. But you're wrong. Actually, in normal, or let's say, normal catastrophic times, you make a lot of sense. But this time, it's over the edge. The Government knows. What do you think the Patriot Act was about? Too bad they selectively enforce it. Have grandma open an account at Scottrade. they want her driver's license. What a joke. At the same time, billions have been pouring out of here.