Cramer's Stop Trading! They Know Nothing! (12/9/08)

 |  Includes: DB, KCG, UBS
by: Miriam Metzinger

Stocks discussed in Jim Cramer’s Stop Trading! TV program, Tuesday, December 9.

UBS (NYSE:UBS), Deutsche Bank (NYSE:DB) and Knight Capital (NITE)

Cramer thinks those who say the uptick rule doesn’t matter, including executives at UBS, Deutsche Bank and Knight Capital, are being disingenuous; “Christopher Cox (the SEC Chairman who repealed the rule) has singlehandedly undone everything has protected us after the Great Depression.” Cramer called the executives who said the rule didn’t matter

The rule required traders to wait for the stock to “tick up” before selling it short. Cramer blames the speedy collapse of financial institutions such as Bear Stearns on the repeal of the law which was passed during the Roosevelt Administration to prevent another Stock Market crash. Cramer said the uptick rule allowed investors to catch a much-needed breath and added “We’re in a bear market. Let’s just try to figure out what worked for the last 70 years and reinstate it.”

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