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The dollar is taking a beating this morning!
GFourDriver
Posts: 2,366 ✭
Down against the euro to a record 1.60 and against almost everything else. Financials aren't doing too well either.
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GFourDriver
Posts: 2,366 ✭
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<< <i>Silver at 19.33; looks like it is picking up again,,, >>
Of course it would, I just sold a ton of it
Stefanie
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC
Of course it would, I just sold a ton of it
Stefanie >>>
Sell low, Buy high.......... My motto!
From CNBC: So it's now official...the stock market (and house prices) is only ALLOWED to go up without limit...making money on declines is now a crime! I love how the parties (banks, brokerages, etc) that scream "free market" economy loudest are the first to strip away the foundation of a free market when things stop going their way!
SEC to Limit Short Sales of Major Financial Firms
By Reuters | 15 Jul 2008 | 01:40 PM ET
The U.S. Securities and Exchange will issue an emergency rule later Tuesday to stop "naked" short selling in major financial firms, including Fannie Mae and Freddie Mac, the SEC said.
Short sellers borrow shares they consider overvalued and sell them. If the price drops, they repurchase the shares, return them and pocket the difference.
The rule would require any person making a short sale in the listed securities to borrow the securities before the short sale is effected and deliver the securities on settlement date.
The new restrictions were first announced by SEC Chairman Christopher Cox during testimony before the Senate Banking Committee.
"Today the commission will issue an order designed to enhance protections against naked shortselling in the securities of primary dealers Fannie Mae [FNM 7.68 -2.05 (-21.07%) ] & Freddie Mac [FRE 5.71 -1.40 (-19.69%) ] ," Cox said. "The emergency order will provide that all short sales of the securites primary dealers Fannie & Freddie will be subject to a pre-borrow reqiurement."
Does this apply to commodities also, then? (As in silver, which is being heavily naked-shorted in order to hold the price down.)
Why not apply this brilliant principal across the board on all financial instuments, and ban the use of leverage totally, in all markets?
It does make one wonder why the heavily stock-invested banks & brokers would want to make it hard to get out of stocks and scary to get into metals. Maybe they have a plan?
It's enough to make a cynic out of the most gung-ho investor when the rules only apply to certain people, at certain times, and only when certain groups have already made their move.
I knew it would happen.
<< <i>From CNBC: So it's now official...the stock market (and house prices) is only ALLOWED to go up without limit...making money on declines is now a crime! I love how the parties (banks, brokerages, etc) that scream "free market" economy loudest are the first to strip away the foundation of a free market when things stop going their way!
SEC to Limit Short Sales of Major Financial Firms
By Reuters | 15 Jul 2008 | 01:40 PM ET
The U.S. Securities and Exchange will issue an emergency rule later Tuesday to stop "naked" short selling in major financial firms, including Fannie Mae and Freddie Mac, the SEC said.
Short sellers borrow shares they consider overvalued and sell them. If the price drops, they repurchase the shares, return them and pocket the difference.
The rule would require any person making a short sale in the listed securities to borrow the securities before the short sale is effected and deliver the securities on settlement date.
The new restrictions were first announced by SEC Chairman Christopher Cox during testimony before the Senate Banking Committee.
"Today the commission will issue an order designed to enhance protections against naked shortselling in the securities of primary dealers Fannie Mae [FNM 7.68 -2.05 (-21.07%) ] & Freddie Mac [FRE 5.71 -1.40 (-19.69%) ] ," Cox said. "The emergency order will provide that all short sales of the securites primary dealers Fannie & Freddie will be subject to a pre-borrow reqiurement." >>
If this was indeed the reason for stocks to go down then they would have risen dramatically today. Short sellers did not cause people to take out mortgages or for oil to rise 10 fold in the last 9 years. I am constantly amazed at the ignorance of our elected officials.
Knowledge is the enemy of fear