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Wall Street's crazy week: Relief has arrived
Whew.
For the moment, I'm not afraid to check on the markets.
I think the most crucial step, of the many announced this morning, was the shoring up of the money
market mutual funds. That should restore some investor confidence.
And of course, stopping the shorting of 799 financial stocks.
I don't know what will happen when that ban expires in October.
But for the moment, I'm relieved.
What do you think of this crazy week on Wall Street?
Harriet Johnson Brackey, the personal finance writer for the Sun-Sentinel, has been an award-winning business...
Comments
Harriet,
Rules banning shorting accomplishes NOTHING.
It's still very easy to short these stocks. The FEDs are too ignorant to understand, but you are an intelligent journalist.
Any one can buy put options (and or sell call options) to establish a short position in the underlying stock. It's perfectly legal and there's nothing that can be done by the FEDs to stop it.
There is nothing immoral, unethical, or wrong with shorting stocks. Why does everyone have to be bullish all the time?
Posted by: Mark Wolfinger | September 19, 2008 3:25 PM