Congressional leaders constantly promoted through new legislation home ownership by high-risk borrowers (sub-prime lending).
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For those who bought the Proshares Financial Ultrashort ETF (SKF) in anticipation of a drop in financial meltdown, tough luck, you are banned from selling this ETF by the power vested in the SEC ( even as it had dropped the past two days ).
http://seekingalpha.com/article/96387-here-go-the-short-etfs
Things like this make me wonder what country I am in.
I’ve received many emails and yes, Ultrashort Financial (SKF) is halted and it looks like we are stuck with it until October 2nd. At which time the government can decide if the peons can trade it again. If not they can push out the short ban for 30 more days.
Which will take us to November 2nd.
Which I believe is election day.
How convenient.
Update: ProShares announcement. You are now free to sell at a 35% loss. I still think they’ll keep the short selling ban until the election.
Update: Reports both SKF and SEF halted due to lack of counterparties.
Yesterday, at the gym, I had a financial advisor tell me (sarcastically) that he could now be a Government employee and have all kinds of cool benefits and retirement.
You know this “meltdown crisis” seems overblown. How is this a crisis when it only seems to be effecting those financial institutions which were playing fast and loose with loans and derivitives. It really seens very localized. McCain was right the first time, the fundmentals of the economy is strong and it would get stronger if the weak big companies would be allowed to go their natural course. I fear that the actions being taken will have the result of deflating the economy.
Second, the government should be reluctant to come to the rescue of every major corporation or bank.
Why not just say they shouldn't aid every bank?
No
As someone who has witnessed the changes over the past 70 years, we are now in a new collectivist state. Government (Federal and state) agencies (EPA, FEMA, IRS, etc) now rule by fiat. May God help us when we actually have a major nationwide crisis.
Remember, that our enemies watch us continually for a fatal weakness. Recall the art of fighting without fighting is a strategy.
You will want to see this article by Mark Skousen on the bailouts.
Special AnnouncementThe latest crisis won't be the last. That's why I've decided to hold an Anti-Davos Anti-Establishment "World Economic Summit," at the five-star Atlantis Hotel & Resort, in Paradise Island in the Bahamas, January 28-30, 2009; Steve Moore, editorial board member of the Wall Street Journal, will be our keynote speaker. Other speakers include myself, Peter Schiff, Eric Singer, Peter Zipper, Keith Fitz-Gerald, Frank Seuss, Jon Golding, Lou Petrossi, Ron Holland, and many more. For more information, and to sign up, call Tami Holland at 1-866-266-5101 or go to www.freedomfest.com.
No government bailouts .
This is like preventing a shark from ridding the sea of the sick and diseased fish . I would rather swim with the sharks than the sick .
That's tinfoil hat and black helicopter territory.
The stock market is a playground for parasites. May they all go broke.